I tested a diode model SB360 PFS which it showed about 0.15 forward voltage. The reverse voltage is zero. Looking the diode specification I read that Vf is 0.49v to 0.68v. So my question is if this diode is faulty.
Assuming by "0" you actually mean "overrange", no that's quite normal (Edit: Yes, .OL stands for over-range). You have a fat 3A Schottky diode, and at 25°C the forward voltage at 10mA is typically around 270mV according to the datasheet.
Most multimeters put only about 0.5~1mA through the diode junction, so 150mV at that test current is plausible.
Note that the higher voltage rated diodes such as the SB360 have more forward drop than the lower-rated ones.
Probably not faulty. If it showing different values depending on which way you connect it, then it is still acting as a diode
Page 2 of the datasheet has a chart of forward voltage vs. forward current.
If your meter supplies less than 100mA, then the forward voltage will be below 0.2V - that's the bottom of the chart.
So, your measured 0.15V fits in. A typical multimeter won't push anything like 100mA through the diode test function.
If your multimeter is showing a 0 on the left of the display that means "out of range." The voltage required to make the diode conduct in reverse bias is more than the multimeter can supply.