A mathematical model for accurately calculating heat generation rate in a grease-lubricated spherical roller bearing (SRB) is established in this paper by adopting the local heat source analysis approach, which involves in calculating heat generation rates of roller–raceway contact, cage and inner ring land contact, roller and cage pocket contact, and power loss of roller churning. Numerical calculating results show that the total heat generation rate of SRB increases as the inner ring rotating speed and radial load increase. The heat generated by roller–raceway contact is the dominant part in the total heat generation rate of the SRB. Some SRB geometrical parameters, such as diametral clearance and roller–raceway osculation, also have some effect on SRB heat generation rate.