Rotating machine fault vibration signal is not stable, nonlinear and low signal to noise ratio of multicomponent signal, fault characteristics difficult to extract. Wavelet analysis method is limited by the selection of wavelet basis and decomposition level, empirical mode decomposition (EMD) and other adaptive decomposition method exists modal aliasing and false component problem, and is easy to misjudge in the extraction of rotating machinery. In this paper, a fault diagnosis method based on matching tracking algorithm (MP) is proposed to improve variational mode decomposition (VMD). The feasibility and practicability of the method are verified by constructing the simulation of the simulation signal and simulating the measured signal.