In this work, we research a reciprocating hybrid linear guideway and study its load capacity. This hybrid guideway's bearing surface is designed with an annular groove and two sloped shallow recesses. The analysis is based on modeling by mass-conserving cavitation algorithm (p − θ cavitation algorithm), where a modified smoothing switch function is raised for better convergence. Focusing on the normal direction to reciprocation, the load-guideway system is simplified as a single-degree-of-freedom linear time-varying system and solved by Newmark-β method. Due to the hybrid guideway's time-varying dynamic characteristics, there is a normal vibration in reciprocation. By analyzing two typical load cases in detail, the results indicate that the hybrid guideway has greater load capacity than the hydrostatic guideway, and the normal vibration is small enough for most engineering situations.