Detecting motor bearing faults by stator currents is of great importance as it improves the adaptability of measurement means to different environments and reduces the number of sensors. Therefore, many studies have been conducted to investigate bearing faults by constructing motor models, most of which have used signal models to simulate the dynamics of the bearings. However, the signal model may be exposed to the issue that the nonlinearities in the bearing operation are neglected, thus oversimplifying the coupling effects between the electromagnetic and dynamics models. Hence, a coupled electromagnetic–dynamic modeling method for induction motors based on multiple coupled circuit theory and the rotor-bearing dynamics model is proposed in this study to implement the coupled simulation of electromagnetic and dynamic models. The air gap length and rotor velocity are used as coupled parameters for the calculation of stator–rotor mutual inductance and ball contact deformation, respectively. The simulation results show that the proposed model can effectively implement the electromagnetic–dynamic coupled and reflect the bearing fault characteristics in the current signal. Experiments were conducted on induction motors with typical winding configurations under laboratory conditions. The comparison results verify the effectiveness of the proposed modeling method.