Rolling bearings play a crucial role as components in mechanical equipment. Malfunctioning rolling bearings can disrupt the normal operation of the equipment and pose safety hazards. Traditional deep learning-based methods for diagnosing faults in rolling bearings present several issues, such as insufficient feature information of fault samples, high model complexity and low accuracy. To overcome these challenges, this paper introduces an intelligent approach for rolling bearing fault diagnosis using intrinsic feature extraction and convolutional block attention module (CBAM)-enhanced InceptionNet. In our researches, variational mode decomposition (VMD) is adopted to decompose the original signal into multiple band-limited intrinsic mode functions (BLIMFs). In the decomposition process of VMD, the number of decomposition layers k is determined by center frequency method and the optimal BLIMF is chosen based on minimum envelope entropy. Subsequently, the continuous wavelet transform is employed to transform the optimal BLIMFs into time-frequency images. Finally, the obtained time-frequency images are fed into the proposed CBAM-enhanced InceptionNet for fault state diagnosis. Experiments on two different datasets prove that the method has stable and reliable accuracy. Comparative experiments have demonstrated that this method can reduce network model parameters and improve diagnosis efficiency while achieving high accuracy.