By inspecting and analyzing the debris, which is the most direct and important information units in the lubricating oil, we can monitor the machine condition to predict its failure. The debris monitoring and analyzing system (DMAS) is developed from the traditional iron spectrum technology, and has such characteristics as ease for debris separating, forecasting machine failure automatically and accurately in time and so on. The fundamental theory, components and its application in aeroengine health monitoring of DMAS are presented.