The deep groove ball bearing 3D model is developed and finite element analysis is carried out for the analysis about the effect of material properties to the different parameters such as natural frequency, stress and deformation. The stress parameters at the contact surfaces of ball bearing are considered and the evaluation of its strength is done. Relying on the analytical analysis natural frequency, equivalent stress, bearing deformation, contact frictional stress and contact pressure of different types of materials which are generally used in manufacturing of bearings are compared with the iron aluminide alloy. The conventional bearing materials like stainless steel, beryllium copper and chromium steel are considered for the analysis and their performance is compared. An angular velocity of 1000 RPM is applied to the inner race by keeping the outer race fixed. The natural frequencies at which all models of deep groove ball bearing deform are analyzed. The stress parameters at the same environmental conditions of all materials are compared and analyzed for a non-defective and defective deep groove ball bearing. The simulation results assess that the computational values were consistent. They all showed that model and above boundary conditions were correct and it will provide a scientific basis for design of bearing under complicated loads. For the present analysis the standard designed bearing 6210 is modeled and analyzed using ANSYS15 software. The result from the analysis suggests that iron aluminide alloy is a competitive and better bearing material over conventional bearing materials.