A heat resisting bearing steel having improved rolling fatigue life is disclosed. This steel consists essentially of 0.6-0.9% C, up to 0.5% Si, up to 0.5% Mn, 3.0-5.5% Cr, 3.0-5.0% Mo and 0.5-1.5% V, and the balance being Fe and inevitable impurities, and is characterized in that the content of large Al.sub.2 O.sub.3 inclusions with 10 micron or larger length is restricted to 1.5 ppm or less.The rolling fatigue life of this steel is long and fluctuation of the life is small, and therefore, the steel is highly reliable. It is suitable for the material of bearing to be used at a high peripheral speed and a high temperature such as the main rotational bearings of a heat engine such as a gas turbine.