The "system engine + function component" architecture for the reconfigurable monitoring and diagnostic system is presented. And three types of embedded monitoring units (vibration, power and acoustic emission) are designed for four function parts of machine tool, which can greatly improve the real-time and flexibility of the bottom monitoring information acquisition. This paper has also developed a series of regular monitoring and diagnostic components for computer numerical control (CNC), and some special components for special requirements of these machines. Then the monitoring and diagnostic system for specific machine tools, which has been running in the Qinchuan Grinding Machine Co. Ltd. and Dalian Machine Tool Group Co., can be realized by conveniently packaging and loading of these function components.