M50 bearing steel, as a typical high-carbon and high-alloy steel, exhibits low cold working capacity with high susceptibility to produce voids during the ring rolling process. In this paper, the deformation behavior and microstructure evolution during the pulse electro-assisted tensile of M50 bearing steel was studied. The results show that the maximum flow stress of the pulse electro-assisted deformation (PEAD) specimen decreases by 24.4% compared with that of the traditional deformation (TD) specimen. However, the section shrinkage rate of the PEAD specimen is increased by 32.2%, which is even higher than that of the hot deformation (HD) specimens. This indicates the positive role of pulse current on the increase of plasticity. Besides, a constitutive model of the PEAD process was established by fitting the experimental data. With the assistance of pulse current, the deformation resistance and work hardening are reduced, so the number of voids is significantly reduced due to the easier metal flow. Moreover, the energy barrier of recrystallized grain nucleation is decreased, while the nucleation rate is increased under pulse current. As a result, the occurrence of recrystallization leads to the reduction of average grain size from 4.51 μm to 1.62 μm. According to the high-resolution transmission electron microscopy (HRTEM) and electron backscatter diffraction (EBSD) characterizations, the dislocation density decreases by 24% under the applied current, which should be ascribed to the increase of atomic flux and lattice diffusion coefficient. This work provides a new idea for solving the plastic deformation problem of M50 bearing steel.