The rheological behaviors of 5CB liquid crystal under the coupling effect of shear and electric field are investigated by theoretical and experimental study. Establish calculating equation of the system Gibbs free energy by adopting the continuum theory of liquid crystals which contains anchoring energy, elastic free energy, dielectric free energy and flow energy. Then the molecular orientation angle distribution and apparent viscosity of liquid crystal under the coupling effect are obtained by minimizing the Gibbs free energy, revealing the microscopic mechanism of rheological behaviors and influence rules of coupling effect from the molecular model. Meanwhile the calculated results are verified by rheological test. Comparative Analysis of the errors and reasons of theoretical and experimental results, which demonstrates that anchoring effect plays an important role in the molecular orientation and viscosity of liquid crystal. Both the theoretical and experimental results indicate that liquid crystals have electroviscous effect and behavior like non-Newtonian liquids under electric field. The viscosities of liquid crystals are determined by the coupling and competition action of shear and electric field, which can reach 4 times of its original value under electric field. This property of controllable viscosity is important in tribology, which can self-adaptively satisfy the requirement of viscosities for different working conditions as a "smart lubrication" under certain condition.