In engineering applications, the accuracy of on-load tap changer (OLTC) mechanical fault identification methods based on vibration signals is constrained by the quantity and quality of the samples. Therefore, a novel small-sample-size OLTC mechanical fault identification method incorporating short-time Fourier transform (STFT), synchrosqueezed wavelet transform (SWT), a dual-stream convolutional neural network (DSCNN), and support vector machine (SVM) is proposed. Firstly, the one-dimensional time-series vibration signals are transformed using STFT and SWT to obtain time–frequency graphs. STFT time–frequency graphs capture the global features of the OLTC vibration signals, while SWT time–frequency graphs capture the local features of the OLTC vibration signals. Secondly, these time–frequency graphs are input into the CNN to extract key features. In the fusion layer, the feature vectors from the STFT and SWT graphs are combined to form a fusion vector that encompasses both global and local time–frequency features. Finally, the softmax classifier of the traditional CNN is replaced with an SVM classifier, and the fusion vector is input into this classifier. Compared to the traditional fault identification methods, the proposed method demonstrates higher identification accuracy and stronger generalization ability under the conditions of small sample sizes and noise interference.