The thin-walled rings of the RV reducer main bearings are prone to structural elastic deformation, which can significantly change the bearing mechanical characteristics. According to the actual assembly state of the RV reducer, the simulation model of the planetary frame–main bearings–pin gear housing is established considering the ring deformation. The model was used to calculate and comparatively analyze the ring deformation and contact characteristics of thin-walled bearings under rigid and flexible conditions, on the basis of which the mechanism of ring deformation was described, and the effects of load conditions, ring thickness and radial clearance on ring deformation, flexible contact characteristics, and ultimate carrying capacity were analyzed. The results show that the distribution of contact loads is the main factor affecting the ring deformation. The ring deformation can optimize the bearing contact characteristics, and the greater the deformation, the more pronounced the optimization effect. However, excessive ring deformation makes the contact ellipse more susceptible to truncation, which, in turn, reduces the ultimate carrying capacity. This study indicates a 38.2% decrease in the carrying capacity of the flexible ring model compared to that of the rigid ring model. In this paper, the effect of ring deformation on bearing mechanical characteristics is deeply discussed. The research results have important guiding significance for the structural optimization design of thin-walled bearings.