To reduce the maintenance cost and safeguard machinery operation, remaining useful life (RUL) prediction is very important for long term health monitoring. In this paper, we introduce a novel hybrid method to deal with the RUL prediction for health management. Firstly, the sparse reconstruction algorithm of the optimized Lasso and the Least Square QR-factorization (Lasso-LSQR) is applied to compressed sensing (CS), which can realize the sparse optimization for long term health monitoring data. After the sparse signal is reconstructed, the minimum entropy de-convolution (MED) is used to identify the fault characteristics and to obtain significant fault information from the machinery operation. Health indicators with Skip-over, sample entropy and approximate entropy are then performed to track the degradation of the machinery process. The performance analysis of the Skip-over is superior to other indicators. Finally, Fractal Autoregressive Integrated Moving Average model (FARIMA) is employed to predict the Skip-over using the R/S method. The analysis results evidence that the novel hybrid method yields a good performance, and such method can achieve highly accurate RUL prediction and safeguard machinery operation for long term monitoring.