A low-temperature aerosol cooling and lubrication grinding test bench was built to evaluate the cooling and lubrication performance of the low-temperature aerosol. The mechanism of grinding residual stresses in the inner ring raceway under the coupling effect of grinding force and grinding heat was studied, and the effects of the grinding process parameters and cooling and lubrication conditions on the distribution state of the grinding residual stresses in the surface layer of the inner ring raceway were revealed. The results showed that reducing the initial temperature of the grinding fluid could reduce the residual tensile stresses on the raceway surface. The results also showed that the low-temperature aerosol cooling lubrication method is conducive to the generation of the axial residual compressive stress of −500 MPa and tangential residual compressive stress of −300 MPa in the inner ring raceway surface layer of the bearing. Compared with the convective heat transfer coefficient, the effect of the initial temperature of the grinding fluid is smaller.