According to the variation in the average composition, the average size, the number density, and the area fraction of large‐size inclusions during Ruhrstahl Heraeus (RH) refining process, large‐size inclusions in the high‐carbon chromium‐bearing steel reach the lowest level when the vacuum cycle time is 25 min. When the soft blowing time reaches over 25 min, the number density and area fraction of large‐size inclusions increase. The rolling contact fatigue (RCF) life of the forged steel samples is measured using a thrust RCF tester, indicating that the fatigue life of no. 1 steel (vacuum cycle 40 min, soft blowing 20 min) is 12% higher than that of no. 2 steel (vacuum cycle 20 min, soft blowing 40 min). Based on the estimation of the characteristic size of inclusions in the forged steel by the statistics of extreme values (SEV) method, it is concluded that when the characteristic size and the chemical composition of inclusions in steels are similar, the RCF life is increased by 12% when the number density of large‐size inclusions decreases from 0.63 to 0.44 mm−2.