<p>This paper addresses the problem of rolling bearing material degradation due to hydrogen exposure and the development of subsurface stresses in the inner ring caused by contact interaction with rolling elements. A mathematical model of the material degradation process for an elastic structure under stress and hydrogen influence is proposed. The interaction between hydrogen and metal is a very slow process, so the quasi-stationary consideration is applied. An iterative algorithm for calculating the time-dependent state of a bearing weakened by hydrogen is developed. Dependences of mechanical stresses and concentrations of free and trapped hydrogen on the radial coordinate within the shaft-bearing ring system, with the ring press-fitted onto the shaft are constructed. It is shown that the hydrogen-induced damage accumulation occurs near the bearing-shaft fitting surface. The influence of hydrogen on the elastic modulus of the bearing ring material is assessed. The hydrogen exposure is shown to cause the additional radial expansion of the ring, which reduces the operational clearance of the bearing. For the analysis of subsurface stresses, the bearing ring is modeled as an elastic half-space, with a ball and a cylindrical roller considered as the rolling elements. The contact stress between the rolling element and the half-space is determined by means of Hertzian formulas, while the stress state beneath the surface is obtained by solving the Boussinesq-Cerruti problem. It is shown that the equivalent stresses reach maximum at a certain depth below the ring surface and their magnitude increases under the influence of hydrogen.</p>