Machines are employed in a wide range of industrial applications. All machines are prone to fatigue, wear, deformation, and other effects while in operation. As a result of these effects, the clearance between mating parts increases, the rotor becomes unbalanced, and the shafts become misaligned, all of which contribute to an increase in vibration. Vibration levels rise, eventually leading to the machine's malfunction or breakdown. The machine's performance and quality have a direct impact on its life and dependability. Equipment condition monitoring and fault diagnostics are standard procedures used by processing and manufacturing facilities to monitor machine availability, performance, and dependability. Monitoring machine vibration for fault identification has been demonstrated to be the most effective way for machinery condition monitoring. Fault diagnosis sets the stage for fault tolerance, dependability, and security, all of which are critical design elements in complex engineering systems. This paper presents an overview of recent advancements and progress in the philosophy and concepts of condition monitoring, diagnostics, and failure detection. It's critical to have a good bearing condition monitoring and fault detection system in place so that developing bearing defects may be properly identified and analyzed before they cause further damage to the machine. Because higher signal levels are observed in fault cases, vibration analysis provides a suitable foundation for condition monitoring.