Hydropower units are the core equipment of hydropower stations, and research on the fault prediction and health management of these units can help improve their safety, stability, and the level of reliable operation and can effectively reduce costs. Therefore, it is necessary to predict the swing trend of these units. Firstly, this study considers the influence of various factors, such as electrical, mechanical, and hydraulic swing factors, on the swing signal of the main guide bearing y-axis. Before swing trend prediction, the multi-index feature selection algorithm is used to obtain suitable state variables, and the low-dimensional effective feature subset is obtained using the Pearson correlation coefficient and distance correlation coefficient algorithms. Secondly, the dilated convolution graph neural network (DCGNN) algorithm, with a dilated convolution graph, is used to predict the swing trend of the main guide bearing. Existing GNN methods rely heavily on predefined graph structures for prediction. The DCGNN algorithm can solve the problem of spatial dependence between variables without defining the graph structure and provides the adjacency matrix of the graph learning layer simulation, avoiding the over-smoothing problem often seen in graph convolutional networks; furthermore, it effectively improves the prediction accuracy. The experimental results showed that, compared with the RNN-GRU, LSTNet, and TAP-LSTM algorithms, the MAEs of the DCGNN algorithm decreased by 6.05%, 6.32%, and 3.04%; the RMSEs decreased by 9.21%, 9.01%, and 2.83%; and the CORR values increased by 0.63%, 1.05%, and 0.37%, respectively. Thus, the prediction accuracy was effectively improved.