The conventional fault diagnosis method of the main equipment in substations has strong limitations and the fault diagnosis accuracy is low, so this paper introduces the multi-mode time-frequency combination method and designs the fault diagnosis model of the main equipment in substations. First, the transmission mode of fault information of main transformer equipment is analyzed and the fault source is diagnosed. Secondly, the UHF partial discharge method is used to detect the partial discharge signal of the main substation equipment. On this basis, the main equipment fault diagnosis model of the substation is established based on the multi-mode time-frequency combination, and the equipment fault degree is obtained to complete the fault diagnosis. According to the experimental results, the proposed fault diagnosis model is highly feasible, and the accuracy of an insulation fault, overheating fault and discharge fault diagnosis is more than 98%.