This paper developed an analytical model of rolling bearing based on Hertz contact theory. Based on this model, the expressions of interaction forces of bearing parts were given, and the influences of axial, radial and moment bearing loads on bearing contact stress and contact deformation were also analyzed. Then, five degrees of freedom stiffness matrix of the rolling bearing was obtained. Finally, the experimental rig of the rolling bearing was built, and both the axial and radial deformations were measured under different loading levels, and then the stiffness of the bearing was achieved. Comparison between the theoretical and experimental results shows good agreement, which validates the proposed analytical model.