PurposeThis paper sets out to develop a reliable analysis method based upon a low‐cost procedure to monitor the wear condition of low‐speed and heavily loaded rolling element bearing.Design/methodology/approachSpecial solvents for grease are invented and new test methods, including spectroscopy and ferrography of used grease, are developed to monitor the wear condition of a deferred bearing of ladle turret in continuous casting.FindingsAccording to the analytical results, the service life of the ladle turret bearing in No. 1 continuous casting machine is extended to 14 years and significant expense is saved, which proved that it is feasible for grease analysis to be used in the condition monitoring of low speed and heavily loaded rolling element bearing, especially those deferrable bearings.Research limitations/implicationsThe fault mechanism of the huge bearing is not estimated.Practical implicationsOne useful analysis method to monitor the wear condition of low speed and heavily loaded rolling element bearing is reported, and it can be used in other industrial fields.Originality/valueThis paper provides a way of studying condition monitoring of low‐speed and heavily loaded rolling element bearings.