Vibration and current signals are widely used in fault diagnosis and life prediction of electromechanical transmission systems. However, due to the complex working environment of harmonic reducer in the industrial robot, using a single signal for failure analysis or life prediction may risk to false alarming due to lacking of fault information. In the early operation stage of equipment, fault information contained in the signal is too weak to be extracted. In addition, there is certain correlation among the features, which can lead to meaningless superposition of the calculation process. Therefore, a new health index construction method is proposed integrating the current signal and vibration signal and reducing the redundancy among the features in multidomains and can effectively enhance the fault information. In addition, in view of the local optimum and slow speed caused by the random initialization of the network model, an improved life prediction method is proposed to optimize BP neural network to improve the prediction performance. The proposed method is verified by the test data of the harmonic reducer. Results show that the proposed method can predict the remaining useful life of the harmonic reducer more accurately and effectively.