The steady-state and dynamic operating performances of the motor can be directly affected by inductance. The effects of magnetic circuit saturation and cross-coupling are more serious for the vehicle drive motor, so that the accurate calculation of the inductance parameters will be more difficult. Ignoring the saturation effect when calculating the inductance will reduce the torque control accuracy. At the same time, the load current range will become very large and the change of magnetic circuit saturation will be complicated in the vehicle drive motor. By comparing the apparent inductance and incremental inductance when the load current is increased, the relationship and change law between them are analyzed, and the influence of skewed rotor on the inductance is studied. The results show that large difference exists between the calculation results when the magnetic circuit is highly saturated, for which the incremental inductance is 11%~30% of the apparent inductance. The changes in permeability with skewed rotor have a great impact on the motor’s self-inductance parameters, followed by mutual inductance.