The operational health of large amusement facilities affects the lives of tens of millions of passengers, especially high-parameter large amusement facilities, which have high operating parameters, complex structural forms, and diverse movement forms, resulting in higher risks. Through analyzing the accident cases of large amusement facilities in recent years, mismanagement is the main cause of accidents, accounting for more than 70%. Especially, the existing detection method based on regular maintenance cannot detect facility safety hazards in time. With the development of information and intelligent technologies, the State Monitoring and fault diagnosis technology based on the Internet of Things (IoT) has developed rapidly and has been widely applied in the fields of aerospace, energy and chemical industries, wind power generation, transportation, and major mechanical facility. This paper takes high-parameter large amusement facilities as the research object, and proposes the framework of the state monitoring system based on IoT after systematically analyzing the accident cases in recent years. Based on the failure characteristics of large amusement facilities, this paper proposes corresponding intelligent fault diagnosis methods using state monitoring data. This paper implements the IoT health management system for large amusement facilities as the platform, integrates information, data, and technologies, and verifies the effectiveness of the platform through engineering applications.