Bearing steel GCr15 is prepared by spray forming, and then goes through hot forging and heat treatment. Compared with conventionally cast material, microstructure characteristics and transformation mechanism of spray formed GCr15 bearing steel during each process are analyzed, and the final mechanical properties including strength, elongation, impact toughness, and wear resistance are tested. The results show that the microstructure of assprayed GCr15 bearing steel is homogeneous with very fine pearlite which is formed under large undercooling. After hot forging, the microstructure still exhibits high homogeneity without any coarse carbides. Fine martensite and uniform carbide distribution are observed in the microstructure after heat treatment; moreover, the volume fraction of the retained austenite is higher than that of the conventional GCr15 steel due to the increased carbon concentration in prior austenite matrix. With the optimized microstructure, the overall mechanical performances of spray formed GCr15 bearing steel have been significantly improved, which indicates a great potential of spray forming in developing high-quality bearing steels.