A casual metallurgist might be forgiven in believing that there are but a few basic types of steels used in the manufacture of some of the most technologically important engineering components, the rolling bearings. First the famous 1C-1.5Cr steel from which the majority of bearings are made. Its structure is apparently well-understood and the focus is on purity in order to avoid inclusions which initiate fatigue during rolling contact. Then there is the M50 steel and its variants, from which bearings which serve at slightly higher temperatures in aeroengines are manufactured, based on secondary-hardened martensite. The casual metallurgist would be wrong; there is a richness in the subject which inspires deep study. There are phenomena which are little understood, apparently incommensurate observations, some significant developments and other areas where convincing conclusions are difficult to reach. The subject seemed ready for a critical assessment; hence, this review. The structure and properties of bearing steels prior to the point of service are first assessed and described in the context of steelmaking, manufacturing and engineering requirements. This is followed by a thorough critique of the damage mechanisms that operate during service and in accelerated tests. (C) 2011 Elsevier Ltd. All rights reserved.