Performance degradation assessment (PDA), as an important part of health management, is playing a crucial role in evaluating the degenerate state of mechanical equipment. To evaluate the performance degradation state more effectively by using monitoring data of mechanical equipment, a PDA method based on improved degradation feature extraction technology and considering sample completeness is proposed in this paper. Firstly, multiple degradation features, including statistical features and intrinsic energy features, are extracted to construct a high-dimensional feature set calculated by time-domain analysis and the EMD method. Then, a sensitive feature set, which has significant robustness, correlation, and monotonicity in the degenerate process, is reduced and processed by the improved PCA method to obtain the final health index. Secondly, the degradation assessment model is established by considering the completeness of the samples. As for the complete sample dataset, which has both normal and failure state data, a logistic regression model (LRM) is built to assess the performance degradation status. In addition, an SVDD model is established for the incomplete sample dataset, which only has normal state data. Finally, the reliability of the proposed method is verified by the public XJTU-SY dataset, and the comparative experiment further verifies the superiority of this method.