The invention discloses an electromechanical equipment fault diagnosis method and system. A vibration speed sensor and a vibration acceleration sensor are arranged on different measuring points in thevertical direction of electromechanical equipment bearings; the vibration speed sensor and the vibration acceleration sensor are used for collecting vibration signals; the method comprises the following steps that the electromechanical equipment transmits the vibration signals to a cloud end; the cloud end carries out median filtering and wavelet packet noise reduction treatment on the vibrationsignals, so as to obtain a de-noised signal; the cloud end carries out cepstrum analysis on the de-noised signal, so as to obtain a cepstrum signal; and the cloud performs fault diagnosis according tothe cepstrum signal. The electromechanical equipment fault diagnosis method and system are used for solving the technical problem that the failure diagnosis method cannot detect the imbalance and misalignment of the electromechanical equipment in the prior art, and the accuracy of fault diagnosis is improved.