As the power equipment is complex electromechanical system with the typical features of wide application range, continuous operation and multiple influence factor, there are some issues such as the lacking of monitoring and diagnosing technology, the low intelligence level and insufficient of service provided. To solve these problems, monitoring and service support system is researched and developed. System platform is constructed to meet the requirement of monitoring, performance optimization and maintenance service in life cycle of power equipment. Subsequently, the key techniques, such as signal collection, dynamically adaptive monitoring, health condition assessment, intelligent diagnosis, rapid balancing of rigid rotor and intelligent maintenance decision, are researched. Finally, demonstration base of monitoring and service support is to be built to provide analysis of monitoring and diagnosis and management of equipment maintenance in user enterprises.