Abstract: The development of working condition monitoring and fault diagnosis techniques for mechano-electrical systems based on contemporary techniques is summarized. Methods of monitoring and diagnosis are described. Signal acquisition techniques, signal analysis and processing methods, techniques for fault diagnosis and mechano-electrical system condition trend prediction are summarized. Progressive techniques of remote monitoring and diagnosis based on internet for the inspection of working condition of equipments located at separate places, as well as techniques of monitoring and diagnosis instrument systems based on virtual instrument, are given their prospects.