Characteristics of high frequency induction- hardened bearing steel have been investigated using 0.55wt.% C-1.68wt.% Mn specimens produced by vacuum induction melting (VIM). The K4 value in DIN 57602 of the specimens was assessed to be 6.41, high level of cleanliness. The specimens were high frequency induction-hardened to form heterogeneous submicron- lath martensite in the surface hardened layer with about 2.5mm in effective depth. Rolling contact fatigue tests were conducted in elasto-hydrodynamic lubricating conditions under a maximum Hertzian contact stress of$ 492kgmm^{-2}$ . It was found that microhardness in the subsurface, up to about $500mu extrm{m}$ in depth, below the raceway of rolling contact fatigued specimens was increased in comparison with that of induction-hardened layers. The depth of maximum microhardness- increased region was about $100mu extrm{m}$ from surface, showing white etching area. Crack initiation and propagation in the white etching area below the raceway of rolling contact fatigued specimens were observed.