A two-phase open circuit fault in a five-phase permanent magnet synchronous motor (PMSM) can destabilize the entire drive system. In response to this fault scenario, a fault-tolerant control strategy utilizing space vector pulse width modulation (SVPWM) technology is proposed. Firstly, a mathematical model of the permanent magnet synchronous motor is constructed. To ensure smooth conversion of electromechanical energy, a reduced order transformation matrix is reconstructed, yielding the expression for fault-tolerant current in the residual phase. Subsequently, SVPWM technology is used to calculate the space voltage vector during the fault, delineate six sectors, synthesize the target vector, determine the action time of corresponding basic synthetic voltage vectors, and establish the selection order for space voltage vectors within the respective sector. Finally, MATLAB/Simulink simulations validate the correctness of the strategy by demonstrating consistency between simulation results and theoretical calculations. This approach significantly enhances the operation performance of the five-phase permanent magnet synchronous motor under fault conditions, ensuring its stability. A comparison with traditional current hysteresis tracking pulse width modulation (PWM) control confirms the superiority of the proposed strategy.