For the sake of exploring the thermodynamic characteristics of hybrid ceramic bearings with metal inner rings in the application process, we established the mathematical model of bearings with metal inner rings based on the thermodynamics of bearings. The heat of the bearings, inner and outer raceway, and the deformation of bearings were calculated by the thermodynamic model. We used the bearing life testing machine to test the bearing load and speed. The consequences indicate that the temperature stability time of a hybrid ceramic bearing with the metal inner ring is about 6 hours after loading, and its temperature is about 1–2°C higher than that of a metal bearing. Under the condition of a certain speed, the stable temperature of bearing operation improves with the enlargement of the load. Under the condition of a certain load, the bearing temperature also improves with the enlargement of bearing speed. The overall temperature trend of the bearing outer ring is unanimous with the overall temperature value calculated by the model. The maximum error is between 2.2 and 2.4°C. The thermodynamic analysis of hybrid bearings with metal inner rings is conducive to a better study of the effect of bearing material characteristics on bearing performance.