By focusing on the issue of rolling element bearing (REB) performance degradation assessment (PDA), a solution based on variational mode decomposition (VMD) and Gath-Geva clustering time series segmentation (GGCTSS) has been proposed. VMD is a new decomposition method. Since it is different from the recursive decomposition method, for example, empirical mode decomposition (EMD), local mean decomposition (LMD), and local characteristic-scale decomposition (LCD), VMD needs a priori parameters. In this paper, we will propose a method to optimize the parameters in VMD, namely, the number of decomposition modes and moderate bandwidth constraint, based on genetic algorithm. Executing VMD with the acquired parameters, the BLIMFs are obtained. By taking the envelope of the BLIMFs, the sensitive BLIMFs are selected. And then we take the amplitude of the defect frequency (ADF) as a degradative feature. To get the performance degradation assessment, we are going to use the method called Gath-Geva clustering time series segmentation. Afterwards, the method is carried out by two pieces of run-to-failure data. The results indicate that the extracted feature could depict the process of degradation precisely.