To improve the performance accuracy of a conical journal bearing system, the surface error needs to be considered in the analysis since a tiny difference in dimensional values can alter the performance; the consideration of surface error may degrade the performance behavior of bearing. However, a better way to overcome such degradation may be to make use of magnetohydrodynamics (MHDs) of fluid. Therefore, the present work is planned to investigate the impact of taper error and MHD lubricant in recessed conical hybrid journal bearing. In this article, the Reynolds equation is derived under stated assumptions along with frictional power loss expression and finally solved using the finite element analysis, Newton–Raphson method, and generalized minimum residual method. The conducted research helped in determination of optimum values of recess width, land width ratio, and restrictor design parameter, and also obtaining the results corresponding to distinct performance indices. The outcome of these results may inspire practicing designers for the development of better tribo components.