Federated learning has become increasingly important for modern machine learning, especially for data privacy sensitive scenarios. Existing federated learning mainly adopts a central server-based network topology, however, the training process of which is susceptible to the central node. To address this problem, this article proposed a decentralized federated learning method based on node selection and knowledge distillation. Specifically, the central node in this method is variable, and it is selected by the indicator interaction between nodes. Meanwhile, the knowledge distillation mechanism is added to make the student model as close as possible to the teacher’s network and ensure the model’s accuracy. The experiments were conducted on the public MNIST, CIFAR-10, and FEMNIST datasets for both the Independent Identically Distribution (IID) setting and the non-IID setting. Numerical results show that the proposed method can achieve an improved accuracy as compared to the centralized federated learning method, and the computing time is reduced greatly with less accuracy loss as compared to the blockchain decentralized federated learning. Therefore, the proposed method guarantees the model effect while meeting the individual model requirements of each node and reducing the running time.