Rolling bearings play a crucial role in industrial equipment, and their failure is highly likely to cause a series of serious consequences. Traditional deep learning-based bearing fault diagnosis algorithms rely on large amounts of training data; training and inference processes consume significant computational resources. Thus, developing a lightweight and suitable fault diagnosis algorithm for small samples is particularly crucial. In this paper, we propose a bearing fault diagnosis algorithm based on probabilistic decoupling knowledge distillation and meta-learning (MIX-MPDKD). This algorithm is lightweight and deployable, performing well in small sample scenarios and effectively solving the deployment problem of large networks in resource-constrained environments. Firstly, our model utilizes the Model-Agnostic Meta-Learning algorithm to initialize the parameters of the teacher model and conduct efficient training. Subsequently, by employing the proposed probability-based decoupled knowledge distillation approach, the outstanding performance of the teacher model was imparted to the student model, enabling the student model to converge rapidly in the context of a small sample size. Finally, the Paderborn University dataset was used for meta-training, while the bearing dataset from Case Western Reserve University, along with our laboratory dataset, was used to validate the results. The experimental results demonstrate that the algorithm achieved satisfactory accuracy performance.