Based on the multi-loop method, this paper analyzes and calculates the stator current, rotating torque and rotating speed of the induction machine, and the main work focuses on the fluctuating components of the torque and the speed caused by rotor winding faults. The conclusions of the analysis are as the follows: the rotor winding faults will cause stator current, electromagnetic torque and rotating speed to fluctuate; their fluctuating frequencies are the same and their magnitude will increase with the rise of the severity of the faults; the load inertia has a big impact on the torque and speed fluctuation; with the increase of the inertia, the fluctuation of the torque will rise, while the corresponding speed fluctuation will decline obviously. Besides, this paper applies the fluctuating components of the torque and speed to the fault diagnosis of the machine's rotor winding.