Provided is a steel for carbonitrided bearing which excels in hardenability and also excels in toughness, wear resistance, and surface-originated flaking life after quenching and tempering. A steel for carbonitrided bearing of the present embodiment has a chemical composition containing, in mass %, C: 0.22 to 0.45%, Si: not more than 0.50%, Mn: 0.40 to 1.50%, P: not more than 0.015%, S: not more than 0.005%, Cr: 0.30 to 2.0%, Mo: 0.10 to 0.35%, V: 0.20 to 0.40%, Al: 0.005 to 0.10%, N: not more than 0.030%, and O: not more than 0.0015%, with the balance being Fe and impurities, and satisfying Formulae (1) and (2). 1.20 2.20  (2)