The invention discloses bearing steel material with long service life and a machining method thereof. The bearing steel material with the long service life comprises, by weight percentage, 0.95-1.05% of C, 0.15-0.35% of si, 0.25-0.45% of Mn, 1.40-1.60% of Cr, 0.05-0.09% of Ni, 0.02-0.05% of M0, smaller than or equal to 0.05% of Al, 0.05-0.08% of Cu, smaller than or equal to 0.01% of P, smaller than or equal to 0.008% of S, smaller than or equal to 0.0025% of Ti, smaller than or equal to 0.002% of O, smaller than or equal to 0.04% of As, smaller than or equal to 0.03% of Sn, smaller than or equal to 0.005% of Sb, smaller than or equal to 0.002% of Pb, smaller than or equal to 0.001% of Ca and the balance Fe. The bearing steel material with the long service life has high elastic limit, tensile strength and contact fatigue strength, has high hardening capacity and necessary hardenability so that the high wear resistance can be guaranteed, has certain impact toughness, has good dimensional stability or structure stability, can resist chemical corrosion and can effectively reduce the phenomena of fatigue flaking, jamming, ferrule breakage, wear and corrosion.