The real-time thermal–mechanical–frictional coupling characteristics of bearings are critical to the accuracy, reliability, and life of entire machines. To obtain the real-time dynamic characteristics of ball bearings, a novel model to calculate point contact dynamic friction in mixed lubrication was firstly presented in this work. The model of time-varying thermal contact resistance under fit between the ring and the ball, between the ring and the housing, and between the ring and the shaft was established using the fractal theory and the heat transfer theory. Furthermore, an inverse thermal network method with time-varying thermal contact resistance was presented. Using these models, the real-time thermal–mechanical–frictional coupling characteristics of ball bearings were obtained. The effectiveness of the presented models was verified by experiment and comparison.