Due to the strong reducibility and chemical activity of rare earths, the diffusion behavior and secondary oxidation of rare earths in the steel liquid will also have a significant impact on the modified products when rare earths are added to bearing steel, resulting in poor control of distribution behavior. Therefore, this paper studies the influence of time factors on the evolution of rare earth inclusions. The inclusion evolution behavior at different times when the bearing steel was treated with rare earths and subjected to secondary oxidation was simulated at 1873 K (1600 °C). At a cerium content of 0.012% in steel and a secondary oxidation of 0.0025%, the cerium content in steel and the total oxygen (T.O.) content in steel were determined at the 30 s, 3 min, 5 min, and 7 min after the addition and the inclusions were characterized by automatic scanning electron microscopy. The results demonstrated the formation of a cerium-enriched zone after the addition of the cerium alloy to the steel. As time progressed, a considerable number of inclusions were generated in the cerium-enriched zone, which subsequently disappeared. The trend in the composition of the inclusions can be described as Al2O3 → Ce2O2S + CeS → Ce2O2S. The final composition of the inclusions matches the thermodynamic phase diagram. Following the addition of the transient oxidant Fe2O3 to the molten steel, an oxygen-enriched zone was formed. As time progressed, a considerable number of inclusions were generated in the oxygen-enriched zone and subsequently disappeared. The trend of inclusions composition was as follows: Ce2O3 + CeAlO3 + Al2O3 → Ce2O3 + CeAlO3 → Ce2O2S + CeAlO3. The final inclusion composition coincides with the thermodynamic phase diagram.