In order to study the evolution laws of microstructure and properties during the hot ring rolling, carburizing heat treatment, and deep cryogenic treatment of high-speed railway bearings, the quantitative relationships among the forming manufacturing conditions, microstructure states, and mechanical properties of high-speed railway bearings were established.The optimal process conditions for high-performance forming manufacturing of high-speed railway bearings were determined.The electron back-scatter diffraction (EBSD), scanning electron microscope (SEM), X-ray diffraction (XRD) microstructural testing technologies and tensile, friction and wear, rolling contact fatigue performance testing technologies were used to reveal the evolution laws of the microstructure and mechanical properties of high-speed railway bearing rings during the forming and manufacturing process, and a forming and manufacturing process method for high-performance high-speed railway bearing rings was proposed. The research shows that ring rolling can refine grains, promote the refinement of carbides and increase the dislocation density after carburizing once quenching and tempering, reduce the grain size and carbides, and improve the volume fraction of carbides after secondary quenching and tempering. The deep cryogenic treatment process promotes the decomposition of retained austenite and the precipitation of carbides, reduces the content of retained austenite, enhances the stability of retained austenite, decreases the average size of carbides, and increases the volume fraction of carbides. The wear resistance of high-speed railway bearings is improved by 82.7%, and the contact fatigue performance is improved by 322.1%by applying the optimal hot ring rolling and carburizing heat treatment processes. The research can provide a scientific basis and technical method for the high-performance forming manufacturing of high-speed railway bearings.