In view that it is hard in traditional dynamical models to consider the effect of plastic deformation at the rolling bearing failure on the dynamic characteristics of the bearing, a finite element model with such plastic deformation considered is proposed, and the dynamic characteristics are analyzed. Firstly, the linear elastic constitutive model is used to create in ANSYS LS-DYNA environment the elastic/elastic model for the case in which no plastic deformation occurs at the rolling body and the outer ring raceway. Secondly, in view of the plastic deformation generated in case of any failure in the rolling body, the plastic kinematic hardening constitutive model is used to create the plastic/plastic model for the case in which plastic deformation may occur at the failure of both the rolling body and the outer ring raceway. Finally, in view that plastic deformation is the most likely at the failure, the linear elastic constitutive model and the plastic kinematic hardening constitutive model are used together to create the elastic/plastic model for elastic deformation at the rolling body and plastic deformation at the failure. The above models have uniformly refined the mesh in the contact part of the bearing element, which improves the computational accuracy of the models while reducing the amount of penetration. The simulation results show that compared with elastic/elastic models not considering plastic deformation at the failure, the peak-to-peak value, root mean square value and acceleration signal amplitude of the plastic/plastic model and elastic/plastic model with such deformation considered are reduced by about 1/2, and the waveform and amplitude are more consistent with the test results. Moreover, compared with the elastic/plastic model, the contact force between the rolling body and the inner and outer ring and the rolling body strain value of the plastic/plastic model show no significant change. It is concluded that the rolling body almost does not produce plastic deformation, and therefore, only the elastic/plastic model with the plastic deformation at the failure taken into account is required to be created in modeling. © 2022, Editorial Office of Journal of Xi'an Jiaotong University. All right reserved.