Many researchers have attempted to measure bone temperature using thermocouples; however, the limitations of thermocouples make it difficult to determine the bone temperature in the immediate vicinity of a drilled hole. This study develops a method of analysis that can be used to obtain the bone temperature rise in the immediate vicinity of a drilled hole. A three-dimensional finite element model, based on a bone analog, was used to simulate bone temperature rise during a drilling process. The effect of drilling speed on bone temperature distribution is discussed. The results indicate that, for a constant drill feed rate, the drill bit with a higher rotation speed can cause a noticeable increase in bone temperature as well as the size of the thermally affected zone. Based on the numerical results, an empirical equation is proposed to estimate the peak bone temperature using the value of the rotation drilling speed. The maximum difference between the peak bone temperatures predicted by the proposed equation and those obtained from the numerical model is less than 3.5%.