Due to the difficulty in dealing with non-stationary and nonlinear vibration signals using the single decomposition method, it is difficult to extract weak fault features from complex noise; therefore, this paper proposes a fault feature extraction method for rolling bearings based on complete ensemble empirical mode decomposition with adaptive noise (CEEMDAN) and variational mode decomposition (VMD) methods. CEEMDAN was used to decompose the signal, and the signal was then screened and reconstructed according to the component envelope kurtosis. Based on the kurtosis of the maximum envelope spectrum as the fitness function, the sparrow search algorithm (SSA) was used to perform adaptive parameter optimization for VMD, which decomposed the reconstructed signal into several IMF components. According to the kurtosis value of the envelope spectrum, the optimal component was selected for an envelope demodulation analysis to realize fault feature extraction for rolling bearings. Finally, by using open data sets and experimental data, the accuracy of envelope kurtosis and envelope spectrum kurtosis as a component selection index was verified, and the superiority of the proposed feature extraction method for rolling bearings was confirmed by comparing it with other methods.