A rolling bearing is an essential component of a rotating mechanical transmission system. Its performance and quality directly affects the life and reliability of machinery. Bearings’ performance and reliability need high requirements because of a more complex and poor working conditions of bearings. A bearing with high reliability reduces equipment operation accidents and equipment maintenance costs and achieves condition-based maintenance. First in this paper, the development of technology of the main individual physical condition monitoring and fault diagnosis of rolling bearings are introduced, then the fault diagnosis technology of multi-sensors information fusion is introduced, and finally, the advantages, disadvantages, and trends developed in the future of the detection main individual physics technology and multi-sensors information fusion technology are summarized. This paper is expected to provide the necessary basis for the follow-up study of the fault diagnosis of rolling bearings and a foundational knowledge for researchers about rolling bearings.