Aiming at the problem of mode aliasing in the adaptive decomposition of nonlinear and non-stationary current signals generated by three-phase asynchronous motor faults, and the fault features contained in signals collected by a single sensor can not be accurately and comprehensively extracted and characterized when early rotor bar breakage and air gap eccentricity faults occur, A fault diagnosis method for three-phase asynchronous motor based on noise assisted multivariate empirical mode decomposition (NA-MEMD) and mutual information is proposed. Firstly, the NA-MEMD algorithm is used to decompose the three-phase stator current signal of the asynchronous motor to obtain multi-scale intrinsic mode functions (IMFs). Then, the correlation algorithm is used to screen the IMFs containing useful information. Then, the filtered IMF components are reconstructed into new signals and their features are extracted, Finally, support vector machines (SVM) are used to identify the rotor broken bars and air gap eccentric faults of the three-phase asynchronous motor. The experimental results show that the NA-MEMD method has a higher recognition rate than the traditional empirical mode decomposition (EMD) and the ensemble empirical mode decomposition (EEMD) methods.