A stern tube bearing system of contra-rotating propeller includes an inner shaft having a rear propeller and an outer shaft having a front propeller, both shafts being rotated in opposite directions. A shaft center portion of the inner shaft is made hollow, a plurality of oil supply holes are bores radially in the inner shaft so as to pass therethrough perpendicularly to the outer peripheral surface thereof, and a plurality of rows of these oil supply holes are arranged in the longitudinal direction of the inner shaft, whereby seizing of the bearing owing to offset contact at its rear end caused by the propeller being overhung can be prevented.