The high temperature rise of grease lubricated angular contact ball bearing under high speed operation will affect the working accuracy of the bearing, and even lead to the loss of accuracy. In this paper, a friction heat generation model for high-speed grease lubricated angular contact ball bearing was established. Based on the quasi-static analysis model, the thermal expansion of the bearing components is brought into the quasi-static equilibrium equation, and the modified quasi-static analysis model of high-speed grease lubricated ACBB is obtained. Under grease lubrication conditions, a local bearing heat-generation model was employed to assess power losses in different contact zones, in which bearing contact parameters, external loads, and rotation speeds conditions were fully considered. Moreover, the temperature distribution of grease lubricated high-speed bearing was analyzed by the multi node thermal network method. Through the analysis model of bearing dynamic and thermal characteristics considering the influence of thermal expansion established, bearing contact parameters have significant differences. The calculated values of outer ring temperature of grease lubricated angular contact ball bearing is in good agreement with the experimental values. The model can predict the temperature values of grease lubricated angular contact ball bearing under axial load at high speed.