Based on the chaos theory, the Lyapunov exponent method is employed to predict dynamically the time series of the rolling bearing friction torque. First, the embedding dimension and the delay time for the phase space reconstruction are estimated with the Cao method and the mutual information method, respectively. Second, the maximum of the Lyapunov exponents is calculated by small data sets. Lastly, the nearest neighboring point is sought via the Euclidean distance. The experimental investigation shows that the method proposed in this paper is able to forecast effectively the rolling bearing friction torque as a time series, only with very small predicted error.