In mechanical equipment, rolling bearing components are constantly exposed to intricate and diverse environmental conditions, rendering them vulnerable to wear, performance degradation, and potential malfunctions. To precisely extract and discern rolling bearing vibration signals amidst intricate noise interference, this paper introduces a fault feature extraction and diagnosis methodology that seamlessly integrates an improved Fourier decomposition method (FDM), singular value decomposition (SVD), and maximum second-order cyclostationary blind convolution (CYCBD). Initially, the FDM is employed to meticulously decompose the bearing fault signals into numerous signal components. Subsequently, a comprehensive weighted screening criterion is formulated, aiming to strike a balance between multiple indicators, thereby enabling the selective screening and reconstruction of pertinent signal components. Furthermore, SVD and CYCBD techniques are introduced to carry out intricate processing and envelope demodulation analysis of the reconstructed signals. Through rigorous simulation experiments and practical rolling bearing fault diagnosis tests, the method’s noteworthy effectiveness in suppressing noise interference, enhancing fault feature information, and efficiently extracting fault features is unequivocally demonstrated. Furthermore, compared to traditional time–frequency analysis methods such as EMD, EEMD, ITD, and VMD, as well as traditional deconvolution methods like MED, OMEDA, and MCKD, this method exhibits significant advantages, providing an effective solution for diagnosing rolling bearing faults in environments with strong background noise.