In order to verify the effectiveness of oil analysis technology on air compressor condition monitoring, oil samples are taken from lubricating system of D-100/8 type air compressor for monitoring by comprehensively using atomic emission spectroscopic analysis technology and ferrographic analysis technology. The result shows that the atomic emission spectroscopic analysis can comprehensively monitor content of additives, contaminants and wear metals in oil products. The effective analysis range of emission spectroscopy is particles with size smaller than 8~10μm and it fails to measure large-size wear particles produced from heavy wear of the equipment. However, the ferrographic analysis can further confirm wear condition of the equipment according to size, shape, material and superheated degree of particles, which just makes up the shortage. Thus, the combination of atomic emission spectroscopic analysis and ferrographic analysis is quite necessary for monitoring contamination and wear condition of lubricating oil products of air compressor and preventing sudden failure of machinery.