Affected by environmental factors, the performance of fiber optic current transformer (FOCT) will deteriorate over a long period of time. Intelligent fault diagnosis algorithm of Long-Short Term Memory (LSTM) combing with Support Vector Machine (SVM) is an effective way to deal with FOCT failures. According to the characteristics of LSTM, a signal prediction model in FOCT based on LSTM is proposed by analyzing the historical data. The residual signal can be obtained by the prediction signal and the observed signal. Set the residual threshold to determine whether the FOCT has fault. With the residual signal characteristics, a fault diagnosis model based on SVM is established. By analyzing the residual signal and extracting features, the diagnostic network can realize the pattern recognition and system fault diagnosis. Experiments demonstrate that the drift deviation fault, the ratio deviation fault and the fixed deviation fault can be diagnosed with an accuracy of 94.5%.