The objective of this paper is to provide a review of recent advances in automatic vibration- and audio-based fault diagnosis in machinery using condition monitoring strategies. It presents the most valuable techniques and results in this field and highlights the most profitable directions of research to present. Automatic fault diagnosis systems provide greater security in surveillance of strategic infrastructures, such as electrical substations and industrial scenarios, reduce downtime of machines, decrease maintenance costs, and avoid accidents which may have devastating consequences. Automatic fault diagnosis systems include signal acquisition, signal processing, decision support, and fault diagnosis. The paper includes a comprehensive bibliography of more than 100 selected references which can be used by researchers working in this field.