Martensitic high-carbon high-strength SAE 52100 bearing steel has been widely used as the main alloys for rolling contact applications, and also at the components under bending and tension-compression. In order to enhance the material’s strength, refining the prior austenite grain size through repeated heating has been investigated. In this work, the microstructure of repeatedly quenched-tempered Ti, N-rich SAE 52100 steel was investigated. The material was melted by an electric furnace and formed by continuous casting and forging, and the crack origin on the fracture surface was investigated. It was found that repeated furnace quenching and tempering effectively refined the martenstic structure.