In this research, an angular contact ball bearing with two‐half inner rings is used as a carrier. Considering the two‐phase flow characteristics of oil and air in the bearing, the flow characteristics of lubricating oil inside the bearing with under‐race lubrication are studied. Based on the volume of fluid (VOF) method and the standard k–ε turbulent flow model, the characteristics of oil and air two‐phase flow inside the ball bearing are analysed. The bearing internal pressure field distribution, streamline distribution, and other flow properties for the different radial working clearances, pocket clearances and guide clearances are determined. The distribution of the lubricating oil in key areas is observed. The oil phase volume fraction of the key lubrication areas, such as the cage pocket surface and the inner and outer ring surfaces is used to evaluate the influence of different structural parameters on the bearing lubrication performance. The lubrication influences of the inner and outer guides of the cage are evaluated, and the internal flow characteristics of the bearing are analysed with different guide clearances. The results show that with the radial working clearance range from 0.100 to 0.145 mm, the pressure in the working contact area of the bearing decreases 26%. The pocket clearance ranges from 0.48 to 0.28 mm, and the pressure in the working contact area of the bearing significant increases from 0.642 to 1.165 MPa. From this perspective, the larger the radial working clearance and pocket clearance are, the more favourable it is for bearing lubrication. For bearings with under‐ring lubrication, when the bearing adopts outer guidance, the distribution of lubricating oil in the key areas of the bearing is worse than that for internal guidance. However, the pressure in the working contact area of the bearing slightly increases from 0.642 to 0.759 MPa with the inner guide clearance increasing from 0.4 to 0.8 mm.