Facing the problem that the data generated in industrial processes have few labeled samples and the local manifold learning dimensionality reduction method ignores the local spatial structure of sample points and the distance relationship in constructing different weights. To solve the above problems, this paper presents a novel modified weights and cosine similarity based maximum marginal projection named MCMMP. In MCMMP, cosine similarity is used to consider the space feature of sample points, which enhances the performance of dimensionality reduction. The new modified weights are applied to measure the between-class and the within-class sample points, which enhance the divisibility of sample points. After MCMMP dimensionality reduction, the classifier is used to classify the dimensionality reduction sample points. Finally, the proposed new method is used in two cases Tennessee Eastman Process (TEP) and Three-phase Flow Facility (TFF) to test the fault diagnosis performance. The results of the simulation process indicated that the new fault diagnosis method based on MCMMP, compared with other related diagnosis methods, has good performance.