Elastomeric bearings consist of alternating rubber and metal spacer layers bonded via vulcanization technique. As important structural components in aerospace and bridge construction as well as other industries, the reliability of elastomeric bearings has a significant impact on the safety of the whole system. In this work, the finite element method is used to study the stress and displacement distributions of spherical laminated elastomeric bearings during helicopter flight, and then the theory of cumulative fatigue damage is used to analyze the fatigue lifetime of the bearing. By means of the comparative analysis of six single-load cases and a multiple-load case of the bearing categorized from the viewpoint of helicopter flight characteristics, the main influencing factors and how they affect the stress and displacement distributions are revealed. Finally, a durability test is conducted and the experimental results are well consistent with the calculated results, which indicates the prediction accuracy of the model. The work would be beneficial to the optimal design and reliable service of elastomeric bearings.