From the position of the hydrodynamic lubrication theory are considered the peculiarities of magnetoliquid lubrication in a point contact determined with a complicated character of the interaction of hydrodynamic and magnetic forces in a lubrication layer. The pressure distribution in a lubrication layer of magnetic liquid is considered as a superposition of the augend and addend pr and pm induced with hydrodynamic and magnetic forces. The contribution of the constituent pr is described by Reynolds equation in accordance with the classic hydrodynamic theory. At the saturation of magnetic liquid the constituent pm is presented as a function of the magnetic field strength, saturation magnetization of magnetic liquid and its viscosity and also velocity of rolling. As a result of the solution of a hydrodynamic problem through a numerical method there are defined conditions under which a lubrication layer loses its stability that is followed with the loss of carrying capacity in areas with negative pressure. The dependences of resistance to rolling forces, and sliding ones in a contact of spherical surfaces.