Fluid leakage from hydraulic cylinders is a major concern for the offshore industries as it directly affects hydraulic cylinder energy efficiency and causes environmental contamination. There have been attempts made in literature to develop robust condition monitoring techniques for hydraulic cylinders. However, most of these studies were performed to identify degradation of single components. Therefore, in this study, the aim is to monitor degradation of multiple components simultaneously in hydraulic cylinders using acoustic emissions. Experiments performed consist of three test phases and were performed using a hydraulic test rig. In the first test phase, the study is performed to identify acoustic emission features that can be used to monitor piston rod seal wear. In the second test phase, acoustic emission features are identified that can be used to understand bearing wear when unworn, semi-worn or worn piston rod seals are used in hydraulic test rig. In the third test phase, a run-to-failure test is conducted to identify acoustic emission features that can indicate fluid leakage initiation due to piston rod seal wear. The median frequency feature showed good repeatability in all the three test phases to identify piston rod seal wear, bearing wear and fluid leakage initiation during the initial stages in the hydraulic test rig. The proposed acoustic emission-based condition monitoring technique is robust and can be used for the hydraulic cylinders in the industries, as it identifies acoustic emission features based on particular frequency bands associated to specific components, making it less susceptible to noise from other components.