Through the ferrite single-phase parameters of M50 bearing steel obtained based on nanoindentation experiments and the representative volume element (RVE) model established based on the real microstructure of M50, this paper established a multiscale finite element model for the cold ring rolling of M50 and verified its accuracy. The macroscale and mesoscale flow behaviors of the ring during the cold rolling deformation process were examined and explained. The macroscopic flow behavior demonstrated that the stress distribution was uniform following rolling. The equivalent plastic strain (PEEQ) grew stepwise over time, with the raceway showing the highest PEEQ. The mesoscopic simulation revealed that the stress was concentrated in the cementite, and the maximum occurred at the junction of the ferrite and cementite. The largest PEEQ was found in the ferrite matrix positioned between the two adjacent cementites. The cementite flew with the deformation of the ferrite. The radial displacement of the cementite decreased from the edge of the raceway to both ends and decreased from the inner to the outer surface. Its axial displacement was basically the same on the inner surface and decreased from the inner to the outer surface. Its circumferential displacement decreased from the inner and outer surfaces to the intermediate thickness region.