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In order to overcome the disadvantage of traditional methods of fault features extraction, and to realize the on-line and intelligent fault diagnosis, a new method of feature extraction based on the lifting wavelet packet transform is presented, with which fault feature factors were extracted form Four typical running states of gearbox. The results show that the method of fault feature extraction based on the lifting WPT can reduce the need of time and memory greatly, and it is very fit to the real-time fault diagnosis system.