The invention discloses an ITD, spectral kurtosis, smooth iteration envelope analysis method of a rolling bearing. The ITD, spectral kurtosis, smooth iteration envelope analysis method comprises steps that an original signal is decomposed by adopting an intrinsic time-scale decomposition method, and a noise component and a trend term of a decomposition result are eliminated by using data rearrangement and replacement operation, and then a signal after primary filtering is analyzed by adopting a spectral kurtosis method, and then a central frequency and a central bandwidth of an optimal filter are acquired; the above mentioned optimal filter is used for the secondary filtering of the signal after the primary filtering, and then the envelope analysis of the signal after the secondary filtering is carried out by adopting the smooth iteration envelope analysis, and at last, the fault type of the rolling bearing is determined according to an envelope spectrum. The ITD, spectral kurtosis, smooth iteration envelope analysis method is suitable for processing complicated rolling bearing fault signals, and is capable of determining the fault type of the rolling bearing accurately, and has a good anti-noise performance and good robustness, and is convenient for engineering application.