The invention discloses a bearing ring forging machining process and machining system, and relates to the technical field of bearing ring forging machining. The process includes the following steps that firstly, a steel material section of a high-carbon chromium bearing is heated to 1130 DEG C to 1180 DEG C; secondly, the heated material section is forged in the axial direction, and a material section subjected to upsetting is obtained; thirdly, the material section subjected to upsetting is extruded so that the middle portion of the material section subjected to upsetting can be indented, theindented portion of the middle portion of the material section is punched through, and a material section subjected to axial punching is obtained; fourthly, ring rolling is conducted on the materialsection, subjected to axial punching, through a numerical control ring rolling machine, and a ring is obtained; fifthly, the ring is air-cooled for 6 min to 8 min to 600 DEG C or below; and sixthly, spheroidizing annealing is conducted on the air-cooled ring through a double-layer roller hearth type nitrogen protection annealing furnace. The machining system comprises a heating furnace, a punchingmachine, the numerical control ring rolling machine, an air cooling machine and the double-layer roller hearth type nitrogen protection annealing furnace. By means of the bearing ring forging machining process and machining system, the surface roughness degree of the bearing ring can be decreased, no decarburized layers are generated after spheroidizing annealing, and therefore the cutting machining allowance is reduced, steel is saved, and the raw material utilization rate is increased.