With the mitigation of inclusion-related harm through purifying methods, the fatigue life scatter of bearing steels is now predominantly governed by microstructural heterogeneity. This work employs an integrated experimental-numerical approach to elucidate the microstructure-related localized plastic strain in 52100 bearing steel under cyclic loading. We observed significant localized plastic strain in the coarse grains adjacent to aggregated carbides after unloading, which may act as a precursor to fatigue cracks and contribute to fatigue life scatter. This strain arises from two primary factors: stress concentration due to aggregated carbides and the relatively lower strength of coarse matrix grains, which is usually overlooked. Enhancing the homogeneity of both carbide distribution and matrix grain size will be a strategy to reduce the fatigue life scatter of bearing steels.