A convolutional neural network （CNN） model for machine vision inspection and identification can identify and measure the components， size， and other features of an object under test. Herein， a fine-tuning transfer learning technique for semantic segmentation based on a label-reserved softmax algorithm was proposed. First， the transfer learning modeling of semantic segmentation for machine vision inspection and identification was performed. Transferring more CNN model weights would reduce the initial loss of the model. Second， a fine-tuning transfer learning method based on label-reserved softmax algorithms was proposed， which could realize fine-tuning transfer learning with all model weights of slightly different detected objects. Experiments based on custom-developed datasets show that the training time for training models to satisfy the requirements of machine vision inspection and identification is reduced from 42.8 min to 30.1 min. Application experiments show that this transfer learning technique enables semi-supervised learning for the inspection of standard component installation， the inspection of missed and mis-installation cases， and the identification of assembly quality. The training time for the transfer learning of new chassis is less than 20.2 min， and the inspection accuracy reaches 100%. The fine-tuning transfer learning technique is effective and satisfies the requirements of machine vision inspection and identification.