The composition of sludges (wastes of bearing industry enterprises) is determined by the characteristics of the abrasive tool used upon manufacturing, grade of the processed material, cutting-tool lubricant (CTL) and modes of treatment. We present the results of studying the mineralogical and grain size composition of the regenerated grain from bearing sludges. The material under study is shown to have the following composition, %: abrasive particles — 5 – 8, metal particles — 50 – 90, binder — 2 – 5, balance — SOG, oil and various pollutants. The dispersion of solid particles ranges within 0.1 – 0.3 mm. The abrasive grains have a predominantly splintery shape, the individual binder particles being observed on their surface. The interlayer-cemented aggregates of two — three crystals and a large number of small splintery particles are also present. It is shown that the samples with a regenerated material containing fine abrasive grain and metal particles as a filler exhibit the highest mechanical strength and thermal conductivity. The results obtained can be used when using regenerated abrasive grain from sludge for manufacturing, e.g., grinding wheels, preparation of a molding abrasive mixture, etc.