The bearing steel’s high-temperature brittle zone (1250 °C–1100 °C), second brittle zone (1100 °C–950 °C), and low-temperature brittle zone (800 °C–600 °C) were determined by the reduction in area and true fracture toughness. The crack sensitivity was strongest at temperatures of 1200 °C, 1000 °C, and 600 °C, respectively. Various experimental and computational methods were used to establish the phase type, microstructure, size, and mechanical properties of carbides in bearing steel. The critical conditions for crack initiation in the matrix (FCC-Fe, FCC-Fe, and BCC-Fe)/carbides (striped Fe_0.875Cr_0.125C, netted Fe_2.36Cr_0.64C, and spherical Fe_5.25Cr_1.75C₃) were also investigated. The values for the high-temperature brittle zone, the second brittle zone, and the low-temperature brittle zone were 13.85 MPa and 8.21 × 10⁻³, 4.64 MPa and 6.52 × 10⁻³, and 17.86 MPa and 1.86 × 10⁻², respectively. These were calculated using Eshelby’s theory and ABAQUS 2021 version software. The ability of the three carbides to cause crack propagation was measured quantitatively by energy diffusion: M₃C > MC > M₇C₃. This study analyzed the mechanism of carbide precipitation on the formation of high-temperature cracks in bearing steel casting. It also provided the critical conditions for carbide/matrix interface cracks in bearing steel continuous casting, thus providing effective support for improving the quality of bearing steel casting.