In recent years, reduced graphene oxide (rGO) received considerable interest as a lubricant nano-additive for enhancing sliding and rolling contacts. This paper investigates the tribological and dynamic behavior of ball bearings lubricated by lithium grease at different weight percentages of rGO. Full bearing tests were conducted for experimental modal analysis, vibration analysis, ultrasonic analysis, and infrared thermography. Modal analysis indicated considerable improvements of the damping ratio values up to 50% for the bearings with rGO nano-additives. These findings were confirmed by the corresponding reductions in vibrations and ultrasound levels. The steady-state temperatures of bearings running with lithium grease reached 64 °C, whereas the temperature of bearings lubricated by grease with 2 wt.% rGO measured only 27 °C. A Timken Load test was conducted on grease samples with and without rGO additives. Grease samples having 2, 3.5, and 5 wt.% rGO showed the highest OK load with an increase of 25%, 50%, and 100% as compared to values of lithium grease. For comparison, all tests were conducted on samples of the same grease blended with graphite and MWCNTs’ nano-additives. The results proved the superiority of graphene in enhancing the load-carrying capacity and damping of grease in rolling bearings.