Rolling element bearings (REBs) play an essential role in modern machinery and their condition monitoring is significant in predictive maintenance. Due to the harsh operating conditions, multi-fault may co-exist in one bearing and vibration signal always exhibits low signal-to-noise ratio (SNR), which causes difficulties in detecting fault. In the previous studies, maximum correlated kurtosis deconvolution (MCKD) has been validated as an efficient method to extract fault feature in the fault signals. Nonetheless, there are still some challenges when MCKD is applied to fault detection owing to the rigorous requirements of multiple input parameters. To overcome limitation, a multi-objective iterative optimization algorithm (MOIOA) for multi-fault diagnosis is proposed. In this method, correlated kurtosis (CK) is taken as a criterion to select optimal Morlet wavelet filter using the whale optimization algorithm (WOA). Meanwhile, to further eliminate the effect of the inaccurate period on CK, the update process of period is incorporated. After that, the simulated and experimental signals are utilized to testify the validity and superiority of the MOIOA for multiple faults detection by the comparison with MCKD. The results indicate that MOIOA is efficient to extract weak fault features even with heavy noise and harmonic interferences.