A water-resistant and long-life rolling bearing used in an environment involving water's seeping in the lubricant thereof, wherein at least one of the inner race, the outer race, and the rolling member is formed of alloy steel containing 0.05 to 0.60% by weight of Cu, 0.10 to 1.10% by weight of C, and 0 to 0.2% by weight of Nb or V. The alloy steel has functions of reducing hydrogen evolution on the surface thereof and of forming a film hardly permeable to hydrogen thereby to retard occurrence of flaking due to hydrogen-induced brittleness.