Bismuth (Bi) can be considered for use as a green substitute for lead in bearing applications. However, accelerated Bi oxidation can occur during operation, creating a brittle surface and resulting in premature seizure failure. Thus, the aim of this study was to evaluate the influence of engine oil degradation, especially nitration processes, on the oxidation of Bi. Tailor-made artificially aged oils with different degrees of nitration were produced and utilized in static bearing oxidation tests. By means of X-ray photoelectron spectroscopy (XPS), the Bi surfaces were analyzed regarding their chemical compositions after the tests. The results were correlated with the respective oil conditions determined via conventional parameters as well as high-resolution mass spectrometry. The findings obtained revealed a direct correlation between the amount of Bi-oxide and the nitration values of the oil, proving there was a positive impact of nitration products on the oxidation of the Bi surfaces. A comparison with the Bi content in the oils demonstrated a protective effect of the oxide layer as the Bi content declined with an increase in nitration. Overall, valuable insight into understanding the impact of oil condition on engine parts is given, and the importance of testing engine parts with aged lubricants is emphasized.