In this work, the stiffness matrix model is integrated into the dynamic model of ball bearings, in which the dynamic forces real-timely affect the stiffness calculation to form the dynamic stiffness, which is a novel solution for the dynamic performance analysis of ball bearings under different loads, assemblies and bearing structures. Then, the main influencing factors for the magnitude of bearing stiffness are analyzed. Next, the fluctuation mechanism of bearing stiffness is revealed. Subsequently, the effects of raceway diameters and guiding clearances on the dynamic stiffness of ball bearings are investigated. The obtained results suggest the ball diameter and the number of balls at various raceway diameters alter contact loads, contact angles, contact deformations and offset distances to change the bearing stiffness, and the combinations of inner and outer raceway diameters should be compromised to attain the favorable magnitude and fluctuation of bearing stiffness. Moreover, guiding clearance should be adjusted to achieve the desired trajectory of cage to degrade the fluctuation of bearing stiffness.