The invention discloses a lapping method of a three-lobe wave bearing raceway and relates to a processing method of the bearing raceway. The three-lobe wave bearing raceway cannot reach the geometric precision of a bearing ring raceway through a conventional manual pressing way, thereby causing the abrasion of the bearing ring raceway and reducing the service life of a bearing. The lapping method provided by the invention comprises the following steps: Step one, coarse grinding; Step two, initial configuration and selection of a super-precise datum plane; Step three, positioning of a workpiece to be super-finished; Step four, setup of an oilstone; Step five, super-finishing: a control system is started, an oilstone frame starts to rotate under the action of the control system, the oilstone is driven by the oilstone frame to reciprocate in a width direction of the bearing ring raceway of a first workpiece to be super-finished, the first workpiece to be super-finished is oscillated by a swing unit in an automatic super-finishing machine, and finally, the pressure is applied through a cylinder and a constant pressure device; Step six, super-finishing of other workpieces. The lapping method provided by the invention is used for super-finishing lobe-shaped raceways.