A rolling bearing in which at least one of the bearing rings is obtained by applying a induction heat treatment to a spheroidizing annealed steel material having a DI value of 1.0 or more to form a hardened layer having a hardness of 550 HV or more on at least a raceway surface and a fitting surface. In the induction heat-treated bearing ring, (A) an average retained austenite amount is 12 vol % or less, (B) the raceway surface has a retained austenite amount of 12 vol % or more and a residual compressive stress of −100 MPa or less, and (C) a difference between a hardness of the raceway surface and a minimum hardness of a region having a hardness of less than 550 HV is 150 HV or more.