Hydro-viscous drive has gained extensive application in fans, pumps, belt conveyors, and scraper conveyors for step-less speed regulating, soft starting, and overload protection. In the mixed friction stage, the state of contact and load-bearing capacity are always changing with the pressure of control oil. In order to predict the load-bearing capacity of friction pairs, a description of the frictional and hydrodynamic lubrication states was first made. Oil film’s pressure distribution and load-bearing capacity were analyzed with the average flow model. The fractal contact model of the asperity surface was proposed for simulating mutual contact state and contact load between the asperities. The influences of fractal parameters on the contact performance of friction pairs were conducted. Eventually, test rig of load-bearing capacity was established. As indicated by the experiment, asperity contact area and load-bearing capacity of the asperity contact increase slowly at first and then rapidly with reduced film thickness ratio. Correspondingly, oil film load-bearing capacity progressively reduces. Due to the reduction of film thickness ratio, friction pairs’ load-bearing capacity increases gradually. The load-bearing capacity of friction pairs is affected by the fractal dimension and scale factor. Results of the experiment well conform to the theoretical values, which illustrates that friction pairs’ load-bearing capacity can be accurately predicted and computed using the average flow model and M-B fractal contact model. The calculation offers a theoretical reference to the survey about friction and torque properties of the hydro-viscous drive.