The increasingly prominent issue of equipment heat dissipation has seriously hindered the further development of ship engineering. The heat exchange of traditional heat dissipation technology is limited, resulting in insufficient heat dissipation capacity and difficulty in meeting the heat dissipation needs of ships. Given these problems, this study constructs to use spray cooling technology to solve the heat dissipation problem of ships, and on this basis, the reason causing the heat transfer performance of R134a spray cooling system are analyzed. As there is lubricating oil in the spray cooling system, this study also partially explores such type of system with lubricating oil. The experimental data validate that when the heat flux densities are 30.0 W/cm2, 45.0 W/cm2, and 55.0 W/cm2, the heat transfer coefficients are 19.23×103 W/m2°), 24.02×103 W/m2°C, and 18.70×103 W/m2°C, respectively, and the surface temperature of the heat source is 29.13°C, 38.21°C, and 48.23°C. When the lubricating oil concentration is fixed at 1.47%, during the process of increasing the heat flux density from 10 W/cm2 to 50 W/cm2, the surface temperature rises from 32.33°C to 55.28°C, and the heat transfer coefficient increases from 7.54×103W/m2°) to 9.46×103W/m2°C. In conclusion, the proposed mass-flow rate, heat flow density, and evaporation chamber pressure have a significant impact on the heat transfer performance of the ship’s spray cooling system, on the contrary, the lubricating oil has a significant impact on the system performance.