Temperature is one of the most important parameters affecting the service life and performance of a rolling element bearing component. In this paper, a nonintrusive method is developed to monitor the temperature variation of the inner raceway during bearing operation utilizing CdTe quantum dots as the temperature sensors. The CdTe quantum dots were synthesized and were used in constructing a sensor film by means of layer-bylayer electrostatic self-assembly method on an ultrathin glass slice. The peak wavelength shift of the fluorescence spectrum of the sensor film shows a linear and reversible relationship with temperature, and it is used to sense the temperature of the inner raceway. The resolution of the CdTe optothermal sensor is determined to be 0.14 nm/°C. The temperature measurement of rolling element bearing was conducted on a bearing test rig incorporated with an optical fiber fluorescence spectrum detecting system. To verify the accuracy of the temperature obtained by quantum dots sensor film, a thermocouple was used to test the temperature of the inner raceway right before and after the operation. Results show that the temperature obtained by the CdTe quantum dots film sensor is consistent with that by the thermocouple, with an error typically below 10% or smaller.