Based on the optimal current control principle, a fault-tolerant control strategy is proposed for a five-phase permanent magnet synchronous motor (PMSM) drive with a single open-circuit fault (OCF). The fast Fourier transformation and the concept of undisturbed rotating magnetomotive force are utilized to deduce the optimal phase currents under faulty conditions. Meanwhile, the obtained currents are applied in conjunction with the model predictive current control to preserve torque capacity and minimize torque ripples of faulty drive systems. To reduce the computational burden, only ten large voltage vectors and one zero vector are employed in the cost function optimization. Consequently, simulations and experiments are conducted to validate the effectiveness of the proposed control method.