Indirect matrix converter (IMC) has attractive advantages such as lack of dc-link electrolytic capacitor, bidirectional power flow and high power density. Aiming at faulty condition, this paper presents an analysis work for indirect matrix converter (IMC), which could make contribution to detecting the failure accurately. First, some possible types of open-circuit fault are introduced and the current freewheeling path analysis is presented. Then, combining with space vector modulation (SVM) strategy, the feature of dc-link voltage is analyzed after the occurrence of an open-circuit fault. This analysis result demonstrates that the failure in IMC can be discriminated effectively by measuring dc-link voltage. Experimental results are presented to verify the proposed analytical work. Moreover, a simple design method for clamp circuit is presented in appendix.