"Today, I'm proud to endorse Neel Kashkari, a bold conservative Republican leader, as California's next governor ...From his time in the private sector to his time in public service, Neel has demonstrated a unique ability to bring people together to achieve success in challenging circumstances," Bush, a possible strong presidential contender in 2016, said in a statement.
Also endorsing Kashkari, Romney said, "Democrats' big-government policies have hurt the middle class and reduced opportunity for Americans across the country, and that's the reason it's so important to elect leaders like Neel Kashkari who understand how to jumpstart the private sector, fix our schools and get people working again."
Kashkari is slated to give a tough fight in the November elections in one of the strongest Democratic bastions.
In his endorsement, Jeb Bush described Kashkari as a principled man of action and not someone who simply leads from behind.
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"Fixing California is no small task, but Neel Kashkari has the vision and the drive to reject the status quo and usher in a new era of opportunity for the state's families and communities," Jeb Bush said.
If elected in the November elections, Kashkari would be the third ever Indian-American to be elected as the governor of a US state after Bobby Jindal from Louisiana and Nikki Haley from South Carolina. All three are from the Republican Party.
Bush said California needs a leader who will take on bold reforms that put students first.
"Neel comes from a business background, but his passion is fostering more opportunity for California's children by empowering teachers and parents and unleashing the power of the market to create good jobs," he said.
Kashkari announced his candidacy in January with a platform focused on jobs and education.
The education plan he released recently, "Transforming Our Schools To Lift Achievement, Reduce Income Inequality & Eradicate Poverty," cites Bush's "stunning results lifting the achievement of low-income, inner-city, and minority students" in Florida.