Alterations of the subsurface microstructure of rolling bearing steels, due to cyclic rolling contact loads, have been known for a long time. Light optical, white etching “wings” observed with nonmetallic inclusions in bearing steels are a particular fascination to bearing metallurgists. Rolling contact microstructural transformations have been the subject of numerous studies and publications. Knowledge as to the nature of the complex transformations has improved with the introduction of advanced experimental methods. Retained austenite is often present in the contact surfaces of through and surface hardened standard bearing steels and this unstable microstructure constituent is generally the first to transform under rolling contact loads. Three stages have been observed in the microplastic microstructure transformations, namely: 1) shakedown, 2) steady state, and 3) microstructure instability. The transformations may be quantified by the use of x-ray diffraction methods as described in the ASTM standard practice E975-13. In addition the change in residual stress due to rolling contact microstructural transformations can be quantified by the application X-ray diffraction methodologies. The presence of butterflies tends to indicate a significant presence of debonded nonmetallic inclusions and combined structural and rolling contact loading. Description of the microstructural transformation is typically abbreviated, for example “DER,” meaning “dark etching region” and “WEC” meaning “white etching crack,” etc. Higher alloyed, secondary hardening, steels used in aerospace rolling bearings also exhibit subsurface rolling contact microstructure transformations. In such steels, different light-etching regions (LERs) have been reported, adding to the already complex but fascinating topic. Characterization of the rolling contact microstructure transformation is a useful tool in rolling bearing diagnostic investigations. Terms such as remaining life of a rolling bearing are applied to describe how much of the contact fatigue life of a steel exists after exposure to rolling contact loading. Characterization of subsurface microstructures unambiguously defines the rolling contact conditions.