The invention relates to a rolling bearing which provides superior noiselessness and high corrosion resistance and longer life, and is manufactured at a low cost, a material for the rolling bearing, and an instrument including a rotating portion using the rolling bearing. A plurality of rolling elements are provided between an inner ring and an outer ring. At least one of the inner and outer rings and is formed of corrosion resistant bearing steel comprising a specific chemical component. The corrosion resistant bearing steel comprises eutectic carbides having an average value of circle equivalent diameter of 0.2 to 1.6 .mu.m, an average area of 0.03 to 2 .mu.m.sup.2, and an area ratio of 2 to 7%. The hardness of the corrision resistant bearing steel is HRC 58 to 62 by JIS. The amount of retained austenite in the corrosion resistant bearing steel is 6 volume % or less.