The invention provides a novel rotating rectifier with a fault monitoring function, and relates to rotating rectifying systems. The invention aims at solving the problems that an existing rectifier is low in output power of an alternating-current exciter and high in harmonic component, a rotating rectifying controller cannot be timely started and a system fault exists. The novel rotating rectifier with the fault monitoring function comprises a three-phase triple voltage rectifying circuit, an alternating-current exciter, a rotating bridge rectifier module based on VIENNA, a start power module, a start resistor, a rotating rectifying controller, a synchronous electric exciter set, a fault detection module, a wireless communication device, a first wireless transceiving device, a second wireless transceiving device and an external monitoring module. According to the novel rotating rectifier with the fault monitoring function, a neutral-point potential balance method of injecting zero-sequence voltages is adopted, zero-sequence voltages VZ(+) and VZ(-) are injected into a three-phase reference voltage at different moments, and the problem is solved that two capacitor voltages of a direct current busbar are not balanced.