Aiming to solve the problem of oil-air lubrication failure caused by the high working temperature of high-speed rolling bearings, this study proposes a method, based on the theory of gas-solid two-phase flow and bearing tribology, of predicting the dynamic temperature rise of nonlinear high-speed rolling bearings under oil-air lubrication conditions. The accuracy of the fluid–structure coupling model is verified by comparing the temperature rise test results of angular contact ball bearing at different speeds. The characteristics of oil-air lubrication circulation and the relationship between the lubrication parameters and the heat balance of the high-speed rolling bearings have been studied. The results show that the gas supply pressure of the system has a significant influence on the continuity and fluctuation of the oil film in the oil pipe nozzle. The initial rise in temperature of the inner and outer rings of the bearing and the fluid domain has a speed threshold value, and the temperature increases linearly with the bearing speed. With the increase in the oil supply and lube oil viscosity of the system, the temperature rise of the outer ring of the bearing increases first, then decreases, and finally increases again. There is an optimal oil supply 5.5 mL and optimize viscosity 68 cSt for the bearing in the work condition.