P2 is the highest standard for the accuracy level of rolling bearings in the world, which is mainly used in the fields of aerospace, high-end equipment, precision/ultra-precision spindles/electric spindles and other rotary components. In this study, P2 high performance aerospace spindle bearing raceway was tested for up to 6000 h in high service. The failure mode after service was analyzed by means of SEM, EDS and EBSD. A series of research results show that the temperature of high-performance bearings was basically stable between 25 °C and 55 °C. The “4-ring” wear failure structure appears from the surface to the subsurface of the outer ring raceway of high performance bearings, and the maximum wear depth of the first, second, and third layers were 130 μm, 210 μm, and 230 μm, respectively. The outer ring raceway of high performance bearing raceway contained 46.9% C, 9.92% O, 0.16% Si, 42.64% Fe, 0.25% S and 0.14% Cl, respectively. (4) The content of retained austenite in the subsurface layer of the outer ring raceway of the bearing was 0.6%. The maximum and minimum grain sizes of the subsurface layer of the outer ring raceway of the bearing were 4.59 μm (number 1) and 0.46 μm (number 603), respectively. As the temperature of high performance bearings increased under high service conditions, crystal fragmentation occurs in the surface/subsurface layers. The fragmentation of crystals leaded to the increase of surface hardness and the brittleness of the surface, so the phenomenon of peeling occurs.