<p>The effect of the annealing process parameters on the structure, phase composition and properties of new heat-resistant bearing steel VKS17-ID (M50NiL) is studied. Fractional factorial experiment with subsequent movement along the gradient is used to study the influence of the temperature, the hold time and the cooling scheme during annealing on the microstructure and hardness of steel. The obtained results can be helpful for choosing the mode of softening heat treatment of ring forgings in industrial production of bearings.</p>