Targeting the problem of fault diagnosis in magnetic coupling underwater thrusters, a fault pattern classification method based on load feature extraction is proposed in this paper. By analyzing the output load characteristics of thrusters under typical fault patterns, the load torque model of the thrusters is established, and two characteristic parameters are constructed to describe the different fault patterns of thrusters. Then, a thruster load torque reconstruction method, based on the sliding mode observer (SMO), and the fault characteristic parameter identification method, based on the least square method (LSM), are proposed. According to the identified fault characteristic parameters, a thruster fault pattern classification method based on a support vector machine (SVM) is proposed. Finally, the feasibility and superiority of the proposed aspects are verified, through comparative simulation experiments. The results show that the diagnostic accuracy of this method is higher than 95% within 5 seconds of the thruster fault. The lowest diagnostic accuracy of thrusters with a single failure state is 96.75%, and the average diagnostic accuracy of thrusters with five fault states is 98.65%.