Acoustic emission waveform streaming testing technology was adopted to collect acoustic emission waveform streaming signals of rolling bearings under normal conditions and in the case of the failure of outer race, inner race and roller. The relations between frequency characteristics and the signals of acoustic emission waveform streaming were analyzed. Envelope spectrum analysis was adopted to acquire the peak frequency of acoustic emission waveform streaming signals, comparing with the theoretical value of the inherent characteristic frequency of the rolling bearings, under the condition of different faults. The experimental data show that envelope analysis can be carried out for the study of acoustic emission waveform streaming signals of rolling bearing with different kinds of faults and the early diagnosis of rolling bearings with different faults can be realized.