PURPOSE: To manufacture bearing steel described in the title having excellent rolling fatigue strength in a temp. range from ordinary temp. to 200°C, by repeating two runs of heating to a temp. not lower than a specific temp. and cooling of steel having specific composition comprising C, Si, Mn, Cr, etc. so as to form fine carbide, and by specifying the quantity of C in the matrix properly.

CONSTITUTION: Steel consisting by weight. of, 0.7W1.2% C, ≤2% Si, ≤2% Mn, 0.5W2.5% Cr, 0.01W1% Al, ≤0.0015% O, ≤0.015% N, and contg. one or two members among 0.05W0.5% Mo, ≤1% Ni at need is heated to ≥1,000°C temp. so as to form solid soln. of carbide. The steel is rapidly cooled to 300W700°C temp., and quenched to the room temp., then it is heated to 500W700°C temp. at ≥30°C/ min heating rate. The steel is kept at the temp. for a time sufficient to form carbide having 0.1W0.2μ mean particle diameter. Then it is quenched to ordinary temp. and after it is heated to the austenitizing temp. range once again, it is kept at the temp. for a time sufficient for the matrix to contain 0.45W0.6% C, subsequently it is hardened and tempered.