The occurrence of the motor shaft voltage and bearing current caused by the inverter will aggravate bearing damage and lead to the premature failure of bearings. Many types of equipment are being shut down due to bearing currents, such as filters, insulated bearings and grounding brushes. Traditional suppression measures cannot eliminate the bearing current and the bearing damage mechanism under the bearing current is not clear. In this paper, the damage caused by the bearing current to bearings is analyzed in detail. The influences of different working conditions on the bearing current and the damage caused are discussed. The source of bearing currents is introduced and the bearing current model under different working conditions is reviewed. An outlook for future studies is proposed, based on the current research status and challenges.