The number of rolling bearings used in railway rolling stock and their application status and general principles of life management was enumerated, and the fatigue life law and development history of deve lopment bearings was introduced. The basic failure damage model of rolling bearing for locomotive and rolling stock was studied and sorted out, display the general life trend of rolling bearing and the relationship between various lives. The remaining life law of railway bearing was studied, and the total available working capacity of batch bearing and the operational risk of remaining life were calculated. The difference between repairing bearing and newly built bearing was pointed out. The economic value of remaining life was calculated, and the feasibility, reliability and operational risk of rolling bearing repair after stage operation were tested. It was suggested that the life management of rolling bearing for locomotive and rolling stock is scientificed and the cost and risk is optimized.