An inverter-fed induction is driven by a harmonic voltage source so that it is necessary to be analysed by time-stepping F.E.M. But it takes so long time that disadvantageous to design. This paper presents a simple analysis method for inverter-fed induction motor using FEM and harmonic equivalent circuit. First, the rotor bar resistance and the leakage reactance are determinated by FEA for 1 slot region in rotor to consider the skin effect and the saturation. Secondly, the characteristic of the motor is analyzed by the harmonic equivalent circuits consisting of the obtained parameters from the FEA. This method is carried out to analyze an induction motor driven by the sinusoidal voltage and the inverter. The results are verified by comparing with those of the time-step F.E.A and the experiment.