This paper proposes a novel four degrees of freedom model of angular contact ball bearings (ACBBs) under high-speed effect, in order to characterize the dynamic behavior of rolling bearings with coupling waviness and local defects on the outer race in detail. Firstly, based on bearing quasi-static model, considering centrifugal force, gyroscope moment, the bearing contact stiffness is calculated. Then, the representation model of outer race waviness and the time-varying displacement excitation expression of the bearing with local defects are put forward respectively. On the basis, a dynamic model of ACBBs with coupling factors is built. Finally, the vibration characteristics of the bearing with faults are investigated, the model is verified by the existing experimental results and the influence of different parameters on the bearing dynamics is analyzed. The results show that the bearing fault characteristic frequency is unchanged when the high-speed effect is considered, but the vibration amplitude is smaller than that without the high-speed effect. With the increase of speed, the bearing fault characteristic frequency and vibration amplitude increase. When considering the coupling of outer race waviness and local defects, with the increase of the two factors, the bearing fault characteristic frequency remains unchanged but the vibration amplitude increase.