The characteristic of gas film is a key factor in the performance of the aerostatic bearing. Because the gas film flow is in the slip regime, influence of the rarefied effect is significant. The modified Reynolds equation suitable for compressible gas in the rarefied effect is deduced through introducing the flow factor in the rarefied effect to the Reynolds equation. Pressure distribution, capacity, and stiffness of the gas film under the rarefied effect are analyzed. With the increase of gas pressure, the gas film capacity and stiffness of bearing would also increase. However, the greater the gas supply pressure, the more intense the gas film vibration, so it was important to select a reasonable gas supply pressure for achieving the optimal gas film characteristic. Finally, the gas rarefied effect is verified by the experiment indirectly, which agreed well with the analytical results and provided a theoretical guidance for the machining accuracy of the machine tool.