With the rapid development of the economy and the continuous improvement of people’s living standards, urban traffic congestion, low efficiency of mass travel, and other problems are becoming more and more obvious. Urban rail transit is an efficient, safe, and green means of transportation, which is the best way to solve urban traffic congestion. In the process of people taking urban rail transit, the convenience and efficiency of passengers’ ticket purchase and entering and leaving the station is also a necessary link to ensure the overall efficiency. Therefore, the normal operation, low failure rate, and high maintenance efficiency of urban rail transit station equipment are necessary guarantees to improve the operation efficiency of urban rail transit. Using PHM technology to solve the problem of incomplete operation monitoring and low maintenance efficiency of urban rail transit station equipment is one of the methods worth further research and exploration. By analyzing the application status of PHM technology, combined with the concept of PHM technology, this paper puts forward the equipment fault prediction model and gives the overall scheme design according to the model framework.