Nowadays, electrical machines and drive systems are playing an essential role in different applications. Eventually, various failures occur in long-term continuous operation. Due to the increased influence of such devices on industry, industrial branches, as well as ordinary human life, condition monitoring and timely fault diagnostics have gained a reasonable importance. In this review article, there are studied different diagnostic techniques that can be used for algorithms’ training and realization of predictive maintenance. Benefits and drawbacks of intelligent diagnostic techniques are highlighted. The most widespread faults of electrical machines are discussed as well as techniques for parameters’ monitoring are introduced.