The invention discloses a synchronous compression transformation order analysis method for rolling bearing fault diagnosis. According to the method, firstly, SST is utilized to analyze a variable-speed vibration signal of a bearing to obtain time-frequency distribution of the vibration signal; secondly, an instantaneous frequency ridge of frequency conversion is extracted and subjected to high-order polynomial fitting, a fitted instantaneous frequency curve is obtained, and phase discrimination time marks are solved according to the fitted instantaneous frequency curve; thirdly, equal-angle resampling is performed on the original vibration signal to obtain an angular domain signal; and fourthly, Hilbert envelope demodulation is performed on the angular domain signal, an envelope order spectrum of the angular domain signal is solved, whether the rolling bearing has a fault or not and the fault type are judged by analyzing the envelope order spectrum, a diagnosis result is given, maintenance suggestions are proposed, and therefore normal running of a metro vehicle is guaranteed. Through the synchronous compression transformation order analysis method, instantaneous frequency conversion information contained in the vibration signal can be precisely extracted, order tracking is realized, a specific hardware device is not needed, the installing process is greatly simplified, and thefault monitoring cost is lowered.