There are two viewpoints on tribology: (1) an independent science that occupies a certain niche in physical chemistry, thermodynamics, and mechanics of interacting bodies and (2) a technology aimed to enhance the reliability and service life of machine elements in contact during relative motion. In any case, this requires the knowledge of physicochemical processes within the real contact zone of interacting bodies, i.e., in the lubricant itself and at its phase boundaries. This predetermines the importance of studying not only tribology, which is recognized for a long time, but also the tribochemistry of lubricant materials. In this study, we systematically analyze the mechanism and kinetics of tribochemical transformations of lubricant materials (oils and greases) in the rolling friction zone and the main directions of their consumption, which determine the break of metal bonds in the structural material of bearings. Based on the proposed kinetic mechanism, one can predict the depth of tribochemical processes and the service life of friction units with accuracy tolerable for practice.