Bearings are the backbone of industrial machines that can shut down or damage the whole process when a fault occurs in them. Therefore, health diagnosis and fault identification in the bearings are essential to avoid a sudden shutdown. Vibration signals from the rotating bearings are extensively used to diagnose the health of industrial machines as well as to analyze their symmetrical behavior. When a fault occurs in the bearings, deviations from their symmetrical behavior can be indicative of potential faults. However, fault identification is challenging when (1) the vibration signals are recorded from variable speeds compared to the constant speed and (2) the vibration signals have diverse fault depths. In this work, we have proposed a highly accurate Deep Convolution Neural Network (DCNN)–Long Short-Term Memory (LSTM) model with a SoftMax classifier. The proposed model offers an innovative approach to fault diagnosis, as it obviates the need for preprocessing and digital signal processing techniques for feature computation. It demonstrates remarkable efficiency in accurately diagnosing fault conditions across variable speed vibration datasets encompassing diverse fault conditions, including but not limited to outer race fault, inner race fault, ball fault, and mixed faults, as well as constant speed datasets with varying fault depths. The proposed method can extract the features automatically from these vibration signals and, hence, are excellent to enhance the performance and efficiency to diagnose the machine’s health. For the experimental study, two different datasets—the constant speed with different fault depths and variable speed rotating machines—are considered to validate the performance of the proposed method. The accuracy achieved for the variable speed rotating machine dataset is 99.40%, while for the diverse fault dataset, the accuracy reaches 99.87%. Furthermore, the experimental results of the proposed method are compared with the existing methods in the literature as well as the artificial neural network (ANN) model.