A rolling bearing has races and a rolling element. At least one of the races and the rolling element is made of a carburized or carbonitrided alloy steel. The content of a fine carbide present in the surface layer of the one element of the rolling bearing is 20-50 vol %. The content of retained austenite in the surface layer is 10-25 vol %. The rolling bearing provides a long-life rolling bearing suitable for use in a transmission and engine.