A method of lubricating and cooling a hydrodynamic plain bearing for a rotating element comprises the steps of supplying fresh, cold lubricant under pressure from a pressure chamber arranged upstream of a fixed gliding plane to a lubricating gap between the fixed gliding plane and the rotating element, the supply of fresh, cold lubricant being so controlled that an effective lubricating wedge is formed between the rotating element and the fixed gliding plane. The pressure chamber is connected to a decompression chamber predominantly filled with gas and arranged upstream of the pressure chamber by a mixing conduit, used, hot lubricant adhering to the rotating element is moved to the decompression chamber, and a portion of the used, hot lubricant is removed from the decompression chamber while the remaining portion of the used, hot lubricant flows from the decompression chamber into the mixing conduit and is mixed with fresh, cold lubricant flowing countercurrently in the mixing conduit whence the mixture is pressed into the decompression chamber.