Aiming at the vibration signal characteristics of multi-channel rolling bearing complex faults containing various shock components, a rolling bearing complex fault diagnosis model based on spatiotemporal intrinsic mode decomposition (STIMD) method and fast spectral kurtosis method was proposed. The spatiotemporal intrinsic mode decomposition method combines the signal atomic decomposition method with the idea of signal blind source separation. Through the fast independent component analysis and the nonlinear matching pursuit method of the established overcomplete dictionary base, various fault mode components are separated. The initial phase function selected based on the high kurtosis fault frequency band obtained by the fast spectral kurtosis method can better fit the bearing fault frequency domain characteristics, so that the spatiotemporal intrinsic mode decomposition method can more accurately separate various impact components in the vibration signal. The simulation model of bearing compound fault was established and the data collected from fault diagnosis experiment platform were used to verify that the STIMD method was effective in solving the problem of rolling bearing compound fault diagnosis. By analyzing the kurtosis changes under different signal noise ratio (SNR) conditions and comparing the simulation results with the fast independent component analysis method, it shows that the kurtosis index decomposed by the proposed method is more able to prove the existence of faults under the condition of low SNR, that is, the impact is completely covered by noise. Therefore, a spatiotemporal intrinsic mode decomposition method with fast spectral kurtosis optimization can solve the problem of blind source separation in the field of composite faults of multi-channel rolling bearings and realize composite fault diagnosis.