High-speed remote transmission and large-capacity data storage are difficult issues in signals acquisition of rotating machines condition monitoring. To address these concerns, a novel multichannel signals reconstruction approach based on tunable Q-factor wavelet transform-morphological component analysis (TQWT-MCA) and sparse Bayesian iteration algorithm combined with step-impulse dictionary is proposed under the frame of compressed sensing (CS). To begin with, to prevent the periodical impulses loss and effectively separate periodical impulses from the external noise and additive interference components, the TQWT-MCA method is introduced to divide the raw vibration signal into low-resonance component (LRC, i.e., periodical impulses) and high-resonance component (HRC), thus, the periodical impulses are preserved effectively. Then, according to the amplitude range of generated LRC, the step-impulse dictionary atom is designed to match the physical structure of periodical impulses. Furthermore, the periodical impulses and HRC are reconstructed by the sparse Bayesian iteration combined with step-impulse dictionary, respectively, finally, the final reconstructed raw signals are obtained by adding the LRC and HRC, meanwhile, the fidelity of the final reconstructed signals is tested by the envelop spectrum and error analysis, respectively. In this work, the proposed algorithm is applied to simulated signal and engineering multichannel signals of a gearbox with multiple faults. Experimental results demonstrate that the proposed approach significantly improves the reconstructive accuracy compared with the state-of-the-art methods such as non-convex Lq (q = 0.5) regularization, spatiotemporal sparse Bayesian learning (SSBL) and L1-norm, etc. Additionally, the processing time, i.e., speed of storage and transmission has increased dramatically, more importantly, the fault characteristics of the gearbox with multiple faults are detected and saved, i.e., the bearing outer race fault frequency at 170.7 Hz and its harmonics at 341.3 Hz, ball fault frequency at 7.344 Hz and its harmonics at 15.0 Hz, and the gear fault frequency at 23.36 Hz and its harmonics at 47.42 Hz are identified in the envelope spectrum.