The asymmetric bistable system with time delays in the feedback force and random force under multiplicative and additive Gaussian noise is studied. Using the small time delay approximation approach and time-delayed Fokker–Planck equations (FPE), the signal-to-noise ratio (SNR) of the proposed stochastic system is obtained. The stochastic resonance (SR) phenomena influenced by parameters — including system parameters a , b , asymmetry parameter r , time delay τ , strength 𝜀 of the time-delayed feedback, noise intensities D and Q of multiplicative and additive noise, and correlation strength λ between two noises, are also analyzed by numerical simulations. Results demonstrate that the SR performance of the asymmetric bistable system is superior to one symmetric bistable system. Besides, both time delay and strength of time-delayed feedback could enhance the SR to some extent. Then, the asymmetric time-delayed bistable SR (ATDBSR) method is used to the bearing fault diagnosis. The engineering applications of the ATDBSR method are realized and the value of the method is verified by effective experimental results. [ABSTRACT FROM AUTHOR]