The fast wavelet transform (FWT) algorithm in wavelet analysis was introduced in the paper. With quadrature mirror filters (QMF) associated with popular wavelet bases, the fast wavelet decomposition and reconstruction for signals were implemented. Combined with virtual instrument technique, the FWT analysis system for signals was successfully developed. The system can break up signal not only into approximations, which are the high-scale and low-frequency components of the signal, but also into details which are the low-scale and high-frequency components. Especially it can identify singularity signal, which contain some important message of equipment condition and fault, and refine signal from noisy signal, which is corrupted by noise.