A motor current model for the diagnosis of localized defects in planet rolling bearings (PRBs) is proposed in this study. A dynamic analysis of the motor-driven planetary gearbox system is conducted, and a translational-torsional vibration model of the system is developed. Both the additional time-varying impact caused by localized defects and the influence of the Hertzian contact and radial clearance on the translational support forces of PRBs are considered in the model. Based on the magnetic equivalent circuit network model, vibrational-electromagnetic coupling analysis is performed with the aid of the air-gap permeance and electromagnetic torque. By iteratively solving the nonlinear algebraic differential equations describing the dynamic characteristics of the coupling system, the motor current variation curve with localized defects in the PRB is obtained. Taking a typical motor-driven planetary gearbox system as the object, electromagnetic finite element calculations and dynamic response tests are performed to verify the proposed motor current model. The results show that the characteristic motor current frequencies are a combination of the fault passing frequency and power supply frequency when the inner race of the PRB has a localized spall fault. When the outer race (or roller) has a localized spall fault, the combination of current characteristic frequencies, which generally consists of the fault passing frequency, power supply frequency, and PRB outer-race rotational frequency (outer-race spall) or cage revolution frequency (roller spall), become complex. By discussing the effect of the spall width on the motor current spectra in detail, the characteristic frequencies sensitive to defects are extracted, providing a theoretical basis for the quantitative diagnosis of PRB-localized defects.