To quickly and effectively identify an axle box bearing fault of high-speed electric multiple units (EMUs), an evolutionary online sequential extreme learning machine (OS-ELM) fault diagnosis method for imbalanced data was proposed. In this scheme, the resampling scale is first determined according to the resampling empirical formulation, the K-means synthetic minority oversampling technique (SMOTE) method is then used for oversampling the minority class samples, a method based on Euclidean distance is applied for undersampling the majority class samples, and the complex data features are extracted from the reconstructed dataset. Second, the reconstructed dataset is input into the diagnosis model. Finally, the artificial bee colony (ABC) algorithm is used to globally optimize the combination of input weights, hidden layer bias, and the number of hidden layer nodes for an OS-ELM, and the diagnosis model is allowed to evolve. The proposed method was tested on the axle box bearing monitoring data of high-speed EMUs, on which the position of the axle box bearings was symmetrical. Numerical testing proved that the method has the characteristics of faster detection and higher classification performance regarding the minority class data compared to other standard and classical algorithms.