For high speed rolling bearing, the bubble flow calculation model is constructed based upon two-body fluid model and liquid phase turbulent flow model, in which effect of bubble diameter and size of the bubble, and the bubble breakup and coalescence model are considered. The numerical study reveals the relationship between cavitation ratio of bubbles, inlet speed of lubricant, bearing speed and pressure at outlet. It is found that breakup bubbles will be more and more in high speed condition when the initial bubble diameter is bigger, and temperature rising of bearing will be higher. In the gas phase, there exists an optimal value for cavitation ratio of bubbles, such that the temperature rise of the bearing reaches the lowest value.