The invention discloses an induction motor parameter identification method. The method comprises steps of S10, identifying motor stator phase resistance Rs; S2, identifying motor stator phase leakage inductance Lssigma; S30, identifying motor stator/rotor equivalent excitation inductance Lm, equivalent stator self-inductance Ls and equivalent rotor self-inductance Lr; S40, detecting a motor rotor time constant initial value Tr0; S50, calculating a rotor resistor initial value Rr0; S60, calculating a rotor resistor correction value Rr; and S70, calculating a motor rotor time constant correction value Tr. Through the method, not any equipment is required to add such as a three-phase voltage regulator and a three-phase power meter, and online induction motor parameter identification vector control is carried out. The method is advantaged in that the method is simple and easy for operation, and quite high accuracy is realized.