As core equipment for transporting solid and liquid slurries through pipelines, reciprocating diaphragm pump is important for analyzing and monitoring failures of check valves on a real-time basis. In this paper, a pipeline of China for transporting iron ore concentrate within a long distance is examined. Besides, an STM32F103ZET6-based high-speed data acquisition and transmission system is designed according to the failures of check valves incurred after long-term operation inside reciprocating diaphragm pumps, such as jamming and leak. This system may upload acquired data to PC through USB Bulk transfer, the highest speed can up to 480Mb/s. Be applicable to hot-plugging, it may accurately transmit data at high speed. The upper computer is designed with C# language, so functions could be selected and the analytical results could be stored on visual interfaces. The experimental results suggest that the system designed could not only rapidly and accurately acquire and transmit data, but can also effectively detect failures of the diaphragm pumps.