As slewing bearings in wind turbines are exposed to complex operational environments, they are prone to crack initiation, propagation and evolution that can lead to contact fatigue problems. Reliable crack extension prediction is a critical requirement. With the goal of obtaining more accurate crack characteristics, this study proposes a crack initiated contact finite element model (CI-CFEM) targeted at the raceway of slewing bearings by introducing a modified sub-model. In the application of the global finite element model (G-FEM) to the slewing bearing system, the rolling displacements of the ball and the boundary displacements are employed in CI-CFEM to take account of external ring deformations and the support conditions. The crack is embedded using FRANC3D, and the stress intensity factor distribution and propagation characteristics of the crack front are investigated. Furthermore, the effect of external load and the design parameters of the slewing bearing on crack propagation are explored, providing insight for optimizing the design of slewing bearings to extend service life. The results reveal that changing external loads and bearing parameters are an effective means of retarding crack propagation rate, while have relatively minor influence on crack growth angle.