Bearings play an important role in a high-speed spindle. Its characteristics are often influenced by speed and thermal effects. This paper presents an approach that combines an inverse method with a high-speed ball bearing model to determine the characteristics of a high-speed spindle bearing under constant preload in actual working conditions. With temperature distribution in the entire spindle obtained by the experimental inverse heat transfer model from the authors’ previous results, the change in bearing parameters is then calculated and subsequently replaced in the bearing model to analyze the change in bearing characteristics. As a result, thermal effects on a bearing’s dynamic contact angles, contact forces, contact stress, stiffness, and lubricant film thickness are presented. Moreover, analysis results indicate that a bearing’s stiffness and lubricant film thickness nonlinearly vary with the increase in speed, and the thermal effect significantly affects the lubricant film thickness. The results presented herein may be applied to develop a dynamic model for a high-speed spindle using a constant preload and provide useful information to avoid failure in lubrication.