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High-speed train is a large-scale electromechanical coupling equipment with a complex structure, where the coupling is interlaced between various system components, and the excitation sources are complex and diverse. Therefore, reliability has become the top priority for the safe operation of high-speed trains. As the operating mileage of high-speed trains increases, various key systems experience various degrees of performance degradation and damage failures. Moreover, it is accompanied by the influence of external environmental high interference noise and weak early fault information. Thus, those factors are serious challenges for the condition monitoring and fault diagnosis of high-speed trains. Therefore, this paper summarizes the research progress and theoretical results of the fault detection, fault isolation, and fault diagnosis methods of the key systems of high-speed trains. Finally, the paper summarizes the applicability of the main methods, discusses the challenges and opportunities of condition monitoring and fault diagnosis of high-speed trains, and looks forward to improving its diagnosis level.