Disclosed herein is a method of manufacturing a hydrodynamic bearing in which a metal bearing made of sintered metal powder is internally subjected to chemical etching, to form hydrodynamic pressure grooves thereon, thus assuring a high-precision and reliable hydrodynamic bearing. The method includes: compressing metal powder that is a raw material of the bearing in a press unit, and sintering the compressed metal powder at a predetermined temperature, thus preparing a sintered bearing; removing foreign substances adhering to the sintered bearing through a deburring process, and pressing the sintered bearing into a desired shape; forming a hydrodynamic groove, configured to generate hydrodynamic pressure, on an internal surface of the shaped bearing using chemical etching; and conducting a post treatment of cleaning the bearing including the hydrodynamic grooves thereon and drying the bearing.