Bearings are the essential part of the cold compressor rotor system, which has a great influence on the operation of cold compressor. Hybrid ball bearing has been successfully applied in cold compressors with the lubrication of grease. With the high-speed rotation of the cold compressor, the bearing will be affected by the axial thrust of the impeller, which will cause friction, and the grease will be impacted by the frictional heat. To understand the influence of frictional heat on grease evaporation, it is important to study the bearing heat generation. In this article, the application of grease-lubricated hybrid ball bearings in cold compressors was introduced. Based on the parameters of a successfully applied impeller and a ball bearing of the cold compressor, the axial thrust of impeller was calculated, and a bearing frictional heat generation model was proposed, which considered the dynamic change of the axial thrust of the cold compressor impeller. The heat generation and temperature of the bearing was analyzed and calculated using the proposed model. According to the results of the calculation and practical experience, a test was performed on high-speed greases, and the adding amount of grease was estimated with reference to the bearing temperature.