The invention relates to a transformer winding and iron core fault diagnosis method based on a vibration characteristic. The methods comprises the steps that the time domain sequences of an original vibration signal and a to-be-detected vibration signal are collected; the time domain sequences are respectively transformed into respective frequency domain sequences; the frequency domain sequences of an original iron core vibration signal, an original winding vibration signal, a to-be-detected iron core vibration signal and a to-be-detected winding vibration signal are determined; data processing are carried out on the frequency domain sequences of the original iron core vibration signal, the original winding vib ration signal, the to-be-detected iron core vibration signal and the to-be-detected winding vibration signal; and fault diagnosis is carried out according to the data processing result. The method provided by the invention realizes the separation of iron core and winding vibration signals, can effectively reflect the vibration states of a winding and an iron core of a transformer, and has the advantages of accurate monitoring result and strong practicality.