Most online tool condition monitoring (TCM) methods easily cause machining interference. To solve this problem, we propose a method based on the analysis of the spindle motor current signal of a machine tool. Firstly, cutting experiments under multi-conditions were carried out at a Fanuc vertical machining center, using the Fanuc Servo Guide software to obtain the spindle motor current data of the built-in current sensor of the machine tool, which can not only apply to the actual processing conditions but, also, save costs. Secondly, we propose the variational mode decomposition (VMD) algorithm for feature extraction, which can describe the tool conditions under different cutting conditions due to its excellent performance in processing the nonstationary current signal. In contrast with the popular wavelet packet decomposition (WPD) method, the VMD method was verified as a more effective signal-processing technique according to the experimental results. Thirdly, the most indicative features that relate to the tool condition were fed into the ensemble learning (EL) classifier to establish a nonlinear mapping relationship between the features and the tool wear level. Compared with existing TCM methods based on current sensor signals, the operation process and experimental results show that using the proposed method for the monitoring signal acquisition is suitable for the actual processing conditions, and the established tool wear prediction model has better performance in both accuracy and robustness due to its good generalization capability.