This article presents an extensive analysis of the microstructural evolution under various heat treatment conditions, mechanical properties (hardness), and rolling contact fatigue (RCF) life assessment and sub-surface crack analysis are studied on high nitrogen bearing steel Cronidur-30(Cr-30). An optimum solutionising temperature range has been identified which ensures desirable hardness as well as low retained austenite content. The microstructure consists of primary M2 (C, N) and secondary M23C6 carbides. Sizes of carbides in Cr-30 are significantly smaller than in AISI 440C and this plays a critical role in enhancing the RCF life of Cr-30. A larger area fraction of fine carbides results in branches and subsequent sub-branches of cracks in Cr-30 steel. However, the AISI 440C sample exhibits extensively interconnected cracks due to the presence of larger carbides. The tempering response of Cronidur-30 exhibited a peak hardness of 61 HRC at both lower (150 °C) and higher (475 °C) temperatures. Higher temperature tempering showed L1 life improvement of over 0.5 fold compared to lower temperature tempering.