For the fault diagnosis of intershaft bearings, the fusion information exergy distance method (FIEDM) is proposed by fusing four information exergies, such as singular spectrum exergy, power spectrum exergy, wavelet energy spectrum exergy, and wavelet space spectrum exergy, which are extracted from acoustic emission (AE) signals under multiple rotational speeds and multimeasuring points. The theory of FIEDM is investigated based on four information exergy distances under multirotational speeds. As for rolling bearings, four faults and one normal condition are simulated on a birotor test rig to collect the AE signals, in which the four faults are inner ring fault, outer ring fault, rolling element fault, and inner race-rolling element coupling fault. The faults of the intershaft bearings are analyzed and diagnosed by using the FIEDM. From the investigation, it is demonstrated that the faults of the intershaft bearings are accurately diagnosed and identified, and the FIEDM is effective for the analysis and diagnosis of intershaft bearing faults. Furthermore, the fault diagnosis precision of intershaft bearings becomes higher with increasing rotational speed.