This study proposes a sustainable bearing remanufacturing process using the ultrasonic nanocrystal surface modification (UNSM) technique. The UNSM technique is a newly developed and sophisticated surface modification technique that can increase the mechanical properties and improve the friction and wear performance of materials. Taking advantage of the bearing manufacturing process is the most significant way of optimizing the life of a bearing. The proper maintenance and usage of repaired bearings can increase their life to be equal to or greater than that of new bearings. This paper discusses the restoration of certain mechanical properties of worn, damaged, and discarded bearings, and suggests a remanufacturing process for used bearings, which can impart them with a lifespan equivalent to that of new bearings. The most damaged part of the discarded bearings is the raceway, which is the site of accumulated fatigue. The existing polishing or barrel finishing processes can recover the accumulated fatigue only partially. Rolling contact fatigue tests performed on UNSM-treated new and used specimens polished after $4{ imes}10^6$ cycles reveal that UNSM-treated new specimens exhibit the longest fatigue life compared to other specimens. This study verifies the proposed complete fatigue recovery process, which can increase the fatigue life of used bearings to a level greater than that of new bearings.