With the development of major equipment towards high power density, the bearing speed is getting higher and higher. In the oil-jet lubrication mode, the fluid in the bearing chamber is a two-phase flow of oil and air. Under high-speed operating conditions, the air in the bearing chamber has a significant impact on the lubricating oil flow field and bearing temperature. This article presents a functional cage with wing structures that is designed to regulate the fluid flow field inside the bearing chamber. The numerical simulation model of 2/14 bearing is established. Through computational fluid dynamics (CFD) software, the effects of wing angle, position and length on the regulation of the flow field in the bearing cavity and the axial velocity are analyzed. The results indicate that appropriately increasing the angle and length of the wings, while positioning them closer to the inlet, is an effective way to enhance the regulation of the bearing flow field. The calculation of oil-air two-phase flow and temperature rise test verify that the functional cage bearing has the function of enhancing lubrication and heat dissipation. This research offers both a theoretical basis and practical approaches for developing high-speed bearings that have better lubrication performance and improved heat dissipation.