Infrared thermal imaging technology captures the external radiation intensity of an object, and the obtained thermal image includes not only the outline of the object but also the surface temperature field distribution, which can be visually characterized. Infrared thermal imaging can be combined with image processing technologies to enhance rolling bearing state discrimination. Here, we first introduce the basic principle of infrared thermal imaging technology. Second, different technical methods used in different aspects of rolling bearing condition monitoring and fault diagnosis using infrared thermal imaging technology are summarized and discussed. Finally, we summarize and analyze the advantages, shortcomings, and limitations of the different methods used in infrared thermal imaging fault diagnosis and condition monitoring of rolling bearings. The development prospects of infrared thermal imaging fault diagnosis and condition monitoring of rolling bearings are also summarized and discussed.