Blade tip timing (BTT) technology is considered the most promising method for blade vibration measurements due to the advantages of its simplicity and non-contact measurement capacity. Nevertheless, BTT technology still suffers from two problems, which are (1) the requirements of domain expertise and prior knowledge of BTT signals analysis due to severe under-sampling; and (2) that the traditional BTT method can only judge whether there is a defect in the blade but it cannot judge the severity and the location of the defect. Thus, how to overcome the above drawbacks has become a big challenge. Aiming at under-sampled BTT signals, a feature learning method using a convolutional neural network (CNN) is introduced. In this way, some new fault-sensitive features can be adaptively learned from raw under-sampled data and it is therefore no longer necessary to rely on prior knowledge. At the same time, research has found that tip clearance (TC) is also very sensitive to the blade state, especially regarding defect severity and location. A novel analysis method fusing TC and BTT signals is proposed in this paper. The goal of this approach is to integrate tip clearance information with tip timing information for blade fault detection. The method consists of four key steps: First, we extract the TC and BTT signals from raw pulse data; second, TC statistical features and BTT deep learning features will be extracted and fused using the kernel principal component analysis (KPCA) method; then, model training and selection are carried out; and finally, 16 sets of experiments are carried out to validate the feasibility of the proposed method and the classification accuracy achieves 95%, which is far higher than the traditional diagnostic method.