Bearing plays vital role in dynamic characteristic of any rotating machine. Vibration study of rolling element bearings in the presence of either local defect or distributed defect have been carried out by many researchers. In the present study experimental vibration studies of bearing in the presence of local defect on one of the bearing race and waviness on another race have been carried out. Moreover, the effects of local defect width, waviness order, radial load, rotational speed, presence of lubricant on vibration amplitude in the presence of local defect and race waviness have also been analyzed. Frequency peaks at both characteristic defect frequencies, based on location and type of defect have been observed in the presence of combined defects. The local defect frequency amplitude of inner race/outer race is affected by presence of distributed defect on outer race/inner race and vice versa. However, the waviness frequency amplitude found dominant as compared to local defect frequency amplitude. This study will be helpful to practicing engineers in analyzing the complex vibrations generated by defective rolling elements bearings.