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Bearing steel tube blanking has application potential in bearing ring manufacturing. However, compared with sheet blanking, tube blanking has been rarely studied yet. In order to achieve an intensive understanding of the mechanism of the tube blanking process, an numerical simulation has been carried out by using the commercial software package DEFORM, which is capable of dealing with crack initiation and propagation of material. The McClintock criterion is adopted to estimate the crack initiation and propagation during blanking. Damage value of the criterion in simulation is decided with the experiment data of tension and compression test of GCr15 bearing steel. The blanking of the tube with 42 mm in outer diameter and 3 mm in thickness was simulated and the simulation was validated with experiment.