In this paper, characteristics of blushless direct current (BLDC) motor including core loss are analyzed considering pulse width modulation (PWM) of inverter. Input voltage of BLDC motor due to PWM is calculated considering duty ratio and carrier frequency of inverter in order to control torque or speed of BLDC motor. For the calculation of core loss, the input current with harmonics due to PWM voltage is calculated by using equivalent circuit model of BLDC motor according to switching pattern and carrier frequency. Next, core loss is analyzed by inputting the currents as a source of BLDC motor for FEM. Characteristics including core loss are compared with ones without PWM waveform according to reference speed.