According to the structural characteristics of the belt spindle of hydrostatic bearing and the requirements in machine tool processing, the form of support of spindle was selected. The diameter of spindle was calculated, the labyrinth oil cooling draining mechanism was designed, and the main parameters of the hydrostatic radial bearing and thrust bearing were calculated. The relationship between the pressure field and the flow field of oil washer of the hydrostatic radial bearing and thrust bearing were analyzed by using the software CFX. The results show that the design is reasonable, all the dynamic and static properties of the spindle are achieved as required, and the actual operation is good. The radial running of the spindle is between 0001~0001 5 mm, which meets the requirement of 0002 mm, so the mechanical properties of the cold drawing equipment are improved.