With the widespread popularity of the Internet, intelligent equipment is gradually applied to all walks of life. The application of artificial intelligence technology has greatly improved the production efficiency of all industries. Currently, power resources are one of the main energy sources that humans rely on for survival. The application of artificial intelligence technology in the power system can achieve fault diagnosis of power equipment, and based on relevant prediction algorithms, quickly locate fault models and propose corresponding fault resolution strategies. Compared to traditional manual handling of power equipment failures, the application of artificial intelligence technology saves manpower, material resources, and time, greatly improving the operational efficiency of the power system. Based on this, this paper summarizes the views of relevant scholars, and discusses the methods of power grid fault prediction and identification and the application of industrial Internet technology in the power equipment industry, hoping to provide assistance for the development of power system fault diagnosis and intelligent prediction technology under in-depth learning.