Industrial equipment reliability improvement and maintenance is gaining attention as the next great opportunity for manufacturing productivity improvement. Reactive maintenance is expensive because of extensive unplanned downtime and damage to machinery. To avoid such an unplanned machine downtime, it is needed to use proactive maintenance approach by either using historical maintenance data or by sensing machine conditions. This paper discusses failure diagonosis and prediction based on the condition-based maintenance and reliability technique. Thus, by enabling such a framework, it can bring us more efficient planning and execution of maintenance to reduce costs and/or increase profits.