Oil/air two-phase flow distribution in the bearings is the basis for bearing lubrication status identification and precise thermal analysis of the bearing. In order to understand the fluid behavior inside the under-race lubrication ball bearing and obtain an accurate oil volume fraction prediction model. A numerical study of ball bearing with under-race lubrication is carried out to study oil-gas two-phase distribution inside the bearing, and the influence of several parameters is quantified, like bearing rotating speed, oil flow rate, oil viscosity, and oil density. The results indicate that the oil fraction in the bearing cavity between the inner and outer ring shows a periodic distribution along the circumference direction, and the period is the same as the number of under-race oil supply holes. Oil distribution alone radial direction is affected by the outer-ring-guiding cage and centrifugal force, leading to oil accumulation near the outer ring. Different bearing running conditions and oil characteristics do not change the oil distribution trend alone in circumference and radial direction, but the difference ratio. Finally, based on the numerical simulation results, a formula for the average oil volume fraction prediction in the bearing ring cavity is constructed.