Multiphase machines are very essential for industrial applications that require high reliability of operation. In this paper, a comparative study of three-phase and five-phase inverter fed permanent magnet synchronous motors (PMSMs) was evaluated with respect to their performance characteristics under a healthy state and during transient disturbances such as varied load and double line to ground faults. To avert inherent high oscillations in speed and torque ripples during fault condition, the machine load was significantly reduced to 1/4th of the full load and a post fault current limiting series dynamic braking resistance (SDBR) with a bypassed switch was introduced to enhance the machine fault tolerant level and improve its operational performance. Spectral analyses were carried out to determine the magnitude of harmonic distortion during these conditions. The simulation results show that the five-phase PMSM achieved a reduced oscillatory transient and a faster settling time of speed and torque under a varied load. It also exhibited good harmonic profiles as indicated in the respective % THD values when compared to the three phase PMSM which is prone to high harmonic overheat. However, when subjected to a double line to ground fault, their various %THD values in speed and torque increased with five-phase PMSM still having a reduced %THD values over the three-phase PMSM. Therefore, for a higher fault tolerant capability, greater efficiency with proven reliability, a five-phase PMSM with a fault current limiting series dynamic braking resistance is a better substitute when compared with the three-phase PMSM in industrial applications where safety and loss minimization is a top priority. All simulation processes in this paper were achieved in MATLAB 2015.