In engineering applications, angular contact ball bearings are usually mounted in pairs to accommodate the high-speed and heavy-load conditions. The usability, security, and stability of rotating machinery systems are heavily dependent on the mechanical behaviors of matched angular contact ball bearings. However, few related works about matched bearings have been reported. Consequently, it is of great significance to investigate the mechanical properties of matched bearings. This paper presents an analysis of the stiffness and fatigue life characteristics of matched angular contact ball bearings under axial position preload. First, an improved quasi-static model is proposed by using universal coordinate transformation method to investigate the stiffness characteristics of matched bearings. On basis of this, the fatigue life of matched bearings under running condition can be calculated. Then, the validity of the proposed model is verified via comparison between calculated results with previously published experimental results. Finally, a pair of 7206B bearings is taken as a numerical example to illustrate the application of the proposed model. The effects of bearing configuration form, preload, external loads, rotating speed on the stiffness, and fatigue life of matched bearings are discussed in detail.