Four finite element models of a slewing bearing with different supporting structures are established by the finite element software ANSYS. In these models, the ball–race contact is simplified by the spring element with the same contact stiffness. The nut and bolt head are simplified and coupled with the surface of other connected component. The preload is applied on the bolt by a few pretension elements. The ball–race contact forces, fatigue lives, and carrying capacities of the slewing bearing in the four models are calculated. The effects of supporting stiffness, bolt number, and bolt preload on the contact force and fatigue life of the slewing bearing are studied. Moreover, the effects of supporting stiffness, bolt number, bolt preload, ball–race contact truncation, and bolt–hole backlash on the carrying capacities of the slewing bearing are analyzed. Results show that the fatigue life and carrying capacity of the slewing bearing can be enhanced by appropriately decreasing the supporting stiffness. Optimal values of bolt preload and number for the fatigue life and carrying capacity of a specific slewing bearing are obtained.