The invention discloses an equipment fault diagnosis and running state assessment method and system based on a cloud platform, and the method and system can achieve the real-time monitoring and estimation of specific equipment, can achieve the real-time understanding of the operation condition of all equipment in advance, can find the equipment with the hidden faults for key monitoring, and achieve the element monitoring of the equipment with the hidden faults, so as to facilitate the further understanding of the running conditions of the elements of the equipment with the hidden faults and amodule. Therefore, during the monitoring and estimation, a specific fault point is found so that a manager carries out the advanced processing and proposes a processing solution in advance. In addition, the method and system just carry out the next-level specific monitoring of the equipment with the hidden faults, can reduce the monitoring burden, can improve the monitoring efficiency, and can save the monitoring resources.