Five-phase induction motors have the advantages of high reliability and strong fault-tolerant performance, so it’s open circuit fault model and fault-tolerant control strategy are widely studied. Based on the normal operation of the five-phase induction motor, the mathematical model of the five-phase induction motor under the conditions of single-phase open circuits, adjacent two-phase open circuits, and non-adjacent two-phase open circuits are established by using the reduced order decoupling transformation. Based on the principle of constant magnetic potential, the relationship between magnetic potential and each phase current is analyzed by using the symmetrical component method (MSC). The fault-tolerant control strategy of a five-phase induction motor with the above three open-circuit faults is designed. Through simulation and prototype experiments, the phase current and speed conversion under three open-circuit faults are analyzed. The results show that after the open-circuit fault of a five-phase motor, the residual phase current is no longer balanced, the motor speed is decreased, and the vibration is increased significantly. After fault-tolerant control, the residual phase current is balanced, the rated speed can be reached, and the vibration of the motor is reduced. Thus, the validity and correctness of the fault-tolerant control strategy for a five-phase induction motor are verified.