A hoisting machine is one of the main components of an underground mine process line. The drive systems currently used in these machines are based on direct current, synchronous, or induction (AC) motors. Power electronic converters are used to power and control the speed of the motor, the type and function of which depend on the type of motor. Choosing the right motor is the most important part of the design process. The decision must be based on an evaluation of technical and economic parameters. This article describes the most popular types of hoisting machine drive systems. Four motors that could potentially be used to build a hoisting machine with the assumed parameters were analysed. The selection of the motor was made based on the analyses carried out, and the implementation of the investment and commissioning of the machine with the selected motor confirmed the validity of this choice. The technical–economic analysis of the motor selection for this hoisting machine made it possible to determine how to choose a motor for a specific shaft hoist. The information contained in this article can serve as a guideline during in-depth analyses of motor selection for modernised or constructed hoisting machines due to the possibility of generalising its conclusions.