Three-point contact ball bearings, due to its high stability in high-speed and heavy-load environments, are widely used in aerospace transmission systems. Under different working conditions, the dynamic characteristics of the bearing can change significantly, which directly affect the accuracy and service life of the bearing. Therefore, the dynamic performance of three-point contact ball bearings were discussed considering the impact of different working conditions. A simulation mesh model was established using Hypermesh software then the finite element method based on explicit dynamics was used for dynamic simulation. The influence factors like working speed, axial load, and cage pocket clearance on the dynamic performance were simulated, in which the rules of roller speed, contact stress of various components, and roller vibration acceleration, were analyzed. Through comparative analysis of the simulation results, the following conclusions were drawn: Axial load has a significant effect on the stress changes in the components of the three-point contact ball bearing. As the axial load increases, the maximum stress in the inner and outer rings increases by approximately 180% and 280%, respectively, while the maximum stress in the cage increases by 72%. The bearing’s operating speed has a notable impact on the roller acceleration, outer ring stress, and cage stress. Under high-speed conditions, the maximum acceleration is about three times that under low-speed conditions. As the speed increases, the maximum stress in the outer ring increases by about 290%, and the maximum stress in the cage increases by 275%. The cage pocket clearance mainly affects the stability of the roller acceleration and cage stress changes. As the clearance increases, the variance in roller acceleration grows by 77%, and the variance in cage stress increases by 57%.