A system and a method are used for maintaining and analyzing manufacturing equipment. The system includes an embedded forecast device (EFD) configured in the manufacturing equipment and a server in communication with the EFD. The EFD is built in with a feature extraction (FE) algorithm and a forecast model (FM), so as to obtain a real time data of the manufacturing equipment and carry out forecasts on the manufacturing equipment to generate a forecast result. The server has various types of FE algorithms and modeling algorithms, which are selected and combined by a user for training and building a required FM and setting related parameters. The embedded forecast device also has a novelty detection model (NDM), which is capable of informing the server to retrain the models when the manufacturing equipment fails and then to update the FM and the NDM of the embedded forecast device.