Submersible induction motors are currently more widely used in the deep well pump market, but they are generally large and inefficient, resulting in serious pump energy consumption. Permanent magnet synchronous motors have the advantages of high efficiency, high power factor and high power density. Therefore, the use of permanent magnet synchronous motors instead of induction motors as the drive equipment for deep well pumps can not only improve the performance of the motor, but also save energy to reduce electricity costs, in response to the national “carbon emission reduction” call. In order to meet the requirements of the latest national standards for motor energy-efficiency rating, according to the special requirements of deep-well pumps for their supporting motors, a 22 kW water-filled submersible induction motors on the market, a same of water-filled permanent magnet synchronous submersible motors is designed. The finite element analysis calculation is used to compare and analyze the performance parameters and the data of various loss and induction motors under rated working conditions, and the temperature field simulation of the designed permanent magnet synchronous motor is carried out to verify its rationality. The production cost and energy consumption of the two motors are evaluated for economic benefits. And it can be seen that the designed permanent magnet synchronous submersible motor can complete the cost recovery of the motor within a certain period of time, which is cost-effective and superior. And at the same time, it provides a reference for designing and analyzing motors for similar deep-well pumps.