The invention discloses a rolling bearing defect detecting device based on oil spectrum analysis and magnetic flux leakage testing. The rolling bearing defect detecting device consists of a rolling bearing to be detected, a Hall element, a permanent magnet, a magnet yoke, a magnetism gathering device, an oil injection cavity, a rotating base, a collecting tank, a piezoelectric oil atomizer, an oilinjection port, an oil inlet, a telescopic support, an adjustable bayonet, a first valve, a filter cavity, a latex tube, a second valve, a detection cavity, a rotary table electrode, a graphite rod electrode, an optical fiber, an entrance slit, an optical grating, an exit slit, a spectrograph, a computer work station, a third valve and a recycle cavity. The technology of atomic emission spectroscopy is combined with the technology of magnetic flux leakage testing, and the disadvantage that abrasive particles of greater than 10 microns cannot be detected in the technology of atomic emission spectroscopy is solved; the device is of multifunctionality, the work environments of rolling bearings can be simulated, and the detection for different dimensions of rolling bearings is realized; the influence of irrelevant impurities on measurement cannot be eliminated, and recycling treatment is carried out on oil after detection. Repeated rapid and accurate measurement is realized, and the device is of innovativeness and practical value.