In order to explore the difference and similarity of the internal dynamic characteristics of rolling bearings under local fault conditions, taking the NU306 cylindrical roller bearing as the research object, the finite element simulation software ANSYS/LS-DYNA was used to construct the finite element models under normal, outer ring fault, inner ring fault and rolling element fault. Then, the stress, vibration and motion characteristics of rolling element under different fault conditions were obtained. The results showed that when the different components of the rolling bearing failed, the front end stress could lag, and the rear end stress could advance, and the stress change in case of outer ring fault was the largest; when the outer ring failed, the vibration acceleration of the rolling element during passing through the fault area decreased first and then increased, while when the inner ring and rolling element failed, the vibration acceleration increased first and then decreased; the revolution speed of the rolling element was lower than the theoretical revolution speed when the outer ring and the rolling element failed, while the revolution speed was higher than the theoretical revolution speed when the inner ring failed. The constructed finite element model can be used to explore the internal fault mechanism of rolling bearings when different components fail, which can provide a powerful analysis method for further research on the bearing capacity and service life of rolling bearings.