Inclusions are an important parameter affecting the fatigue life of materials. In this paper, the type, size, and quantity of inclusions in bearing steel were quantitatively analyzed using scanning electron microscopy and automatic scanning electron microscopy with an X-ray energy dispersive spectroscopy function. The effects of the inclusion parameters and positions on the rotating bending fatigue properties were analyzed using the rotating bending fatigue test. The results proved that for samples 1 and 2, the inclusions were mainly sulfides, Ti-containing inclusions, and their composite inclusions. For samples 3 and 4, the inclusions were mainly oxides or sulfide–oxide complexes. The number and maximum size of inclusions in sample 2 were relatively small. This was mainly due to the difference in the content of Al, S, and Ca elements in the different samples. The inclusion distance to the surface and the maximum inclusion size had a larger influence on the rotating bending fatigue life in comparison to the inclusion type. Moreover, nitride–oxides had a more detrimental effect on the rotating bending fatigue life as compared to the sulfide–oxide complex inclusions. A model was established on the basis of the inclusion size, depth, and stress by using the Python software. The simulation demonstrated that using five parameters fit well with the experiment results.