The fatigue life prediction of the bearings is a crucial and challenging issue, especially under random cyclic loadings. Although numerous methods have been proposed, the remaining useful life of bearings is still unclear. In this study, the tensile and fatigue properties of high‐speed train bearings after various operating mileages were investigated. The experimental results reveal that the microhardness, tensile strength, elongation, and fatigue strength of the bearing steel present a downward trend with increasing the operating mileage. Based on Miner's law, we proposed the generalized linear cumulative damage theory, which illustrates that fatigue damage of components per unit mileage can be linearly superimposed. Accordingly, the residual strength model was established to evaluate the fatigue life of high‐speed train bearings. It would provide a new insight for the fatigue life prediction of bearings under random loadings.