Ultrasonic nanocrystal surface modification (UNSM) technology is a novel surface modification technology that can improve the mechanical and tribological properties of interacting surfaces in relative motion. UNSM treatment was utilized to improve the wear resistance fatigue strength of slim bearing rings made of SAE52100 bearing steel without damaging the raceway surfaces. In this study, wear and fatigue results that were subjected to different impact loads of the UNSM treatment were investigated and compared with those of the untreated specimen. The microhardness of the UNSM-treated specimens increased by about 20%, higher than that of the untreated specimens. The X-ray diffraction analysis showed that a compressive residual stress of more than 1,000 MPa was induced after the UNSM treatment. Also, electron backscatter diffraction analysis was used to study the surface structure and nanograin refinement. The results showed that the rolling contact fatigue life and the rotary bending fatigue strength of the UNSM-treated specimens increased by about 80% and 31%, respectively, compared to those of the untreated specimen. These results might be attributed to the increased microhardness, the induced compressive residual stress, and the nanocrystal structure modification after the UNSM treatment. In addition, the fracture surface analysis showed that the fish eye crack initiation phenomenon was observed after the UNSM treatment.