This paper proposes a synthetical multi-degree-of-freedom mathematical modelling for analyzing the dynamic characteristics of angular contact ball bearing with waviness subjected to the external load working conditions. The above multi-degree-of-freedom mathematical modelling is established based on nonlinear elastic Hertz contact theory and inner raceway control theory by employing improved Newton–Raphson iteration method; the validation of the established mathematical modelling is verified by comparing the presented results with the existing literature results. The above mathematical modelling has considered raceway waviness, ball waviness, bearing clearance, centrifugal force, gyroscopic moment, external loads, and rotating speed comprehensively. Firstly, the effects of waviness order and waviness amplitude on time-varying contact and stiffness characteristics of angular contact ball bearing are investigated systematically. Then, the influences of bearing clearance, rotating speed, axial force, radial force, and torque on the dynamic contact and stiffness characteristics of angular contact ball bearing with waviness are analyzed thoroughly. The main results show that the solution results of mathematical modelling have converged, respectively, when raceway waviness order increases to 25 and ball waviness order increases to 5; The variation tendencies of time-varying contact angle, contact force, and stiffness of angular contact ball bearing with waviness are aperiodic; The amplitudes of time-varying contact angle, contact force, and stiffness of angular contact ball bearing increase evidently with waviness amplitude increased; The bearing clearance has important influence on the contact angle and contact force of outer raceway and inner raceway, respectively; The effects of radial force and torque on contact and stiffness characteristics are consistent basically in the corresponding direction; The influences of axial force and rotating speed on the contact and stiffness characteristics are more remarkable compared with other factors. The investigations of contact and stiffness characteristics of angular contact ball bearing with waviness are helpful for the designation and manufacture of high precision angular contact ball bearing.