Rolling contact fatigue tests were performed on specimens containing spheroidal inclusions to clarify the effect of the orientation of inclusions, and the results were compared with those of specimens containing stringer‐shaped inclusions. For all types of inclusion, cracks first formed on the rolling surface and then propagated in the depth direction, and an internal crack parallel to the rolling surface formed from the deepest point of the vertical crack, which led to flaking. The flaking life of the specimens with spheroidal inclusions was longer than that of the specimens with stringer‐shaped inclusions, where the initiation and propagation lives of cracks were affected by the inclusion shape and size. The surface crack initiation life was shorter for specimens with longer surface inclusions, whereas the crack propagation life decreased with the depth of surface inclusion. The greater the scatter of the size of inclusions, the greater the scatter of flaking life.