Traction motor’s rolling element bearings are one of the most critical components for the structural health monitoring of high-speed train vehicles. Most structural health monitoring techniques for railway rolling element bearings are using vibration signal. However, the vibration characteristic of cage defect is difficult to be transmitted to external monitoring point owing to the location of cage in bearing. Hence, the cage defect of Railway Traction Motor Bearing (RTMB) is usually difficult to be recognized with motor housing vibration acceleration signal. Considering Induction Motor (IM) itself a sensor, the mechanical imbalance of bearing cage defect can reflect in stator current through the motor gap magnetic field rather than a solid transmission path. A novel strategy with stator current for monitoring the traction motor bearing cage health status in High-Speed Train (HST) is proposed in this paper. This method requires no additional sensor in the practical application. To prove the strategy is feasible and more effective than vibration-based method for the cage fault diagnosis of RTMB, a comprehensive experiment investigation with a real railway traction motor of a HST is completed. Artificial cage defects are processed on bearings at both ends of the induction motor, respectively. Three high-speed (≥250 km/h) conditions are observed. The data analysis results show that vibration-based method is almost invalid at high-speed condition and the proposed current-based method is feasible and effective for the fault diagnosis of high-speed railway traction motor bearing cage.