In order to change the current status that machine condition monitoring system is only generally applied to key equipments of large-scaled and high-end business, a low-cost mini condition monitoring system of rotating machinery based on LabVIEW is proposed and designed in this paper. The system is not only of advantages of lower cost, stronger expandability and higher applicability, but also changes the condition that current systems emphasize too much on the comprehensiveness, universality and complexity. It is capable of meeting the wide range of condition monitoring of common rotating machinery, for faults diagnosis and predictive maintenance needs better, then, its potential application can be foreseen.