Wireless sensors are widely deployed to harsh environments for information monitoring, as the sensor nodes are highly susceptible to various failures, resulting in erroneous monitoring data. Sensor fault diagnosis is the subject of research work in this paper. Sensor faults are categorized based on their causes and mechanisms. Secondly, the wavelet transform, tuned Q wavelet transform, and LSTM-based neural network model are utilized for equipment fault feature extraction and fault diagnosis. The structure of the LSTM neural network, as well as the parameter settings, are completed with an adaptive moment estimation algorithm for the model training, and simulations are carried out for verification. The diagnostic accuracy of the model in this paper is as high as 97%, and the root mean square error converges to 0.02 after 170 times of training, which shows the high accuracy of the model in this paper. The training time is very short, only 1.226s, which shows that the fault diagnosis model in this paper is very efficient and meets the requirements of practical applications, proving the effectiveness of this paper’s model in wireless sensor network node fault diagnosis.