In critical industrial applications fault diagnosis and fault tolerance are considered key features, in order to ensure the required reliability and availability levels. In this context, this paper proposes a new and effective diagnostic algorithm for power semiconductors opencircuit faults, in three-phase, two-level, voltage-source inverter-fed permanent magnet synchronous machine (PMSM). The proposed method is based on the analysis of the errors between the reference currents and the PMSM stator predictive currents. Hence, for each phase of the PMSM two fault diagnostic variables have been defined, which allow the diagnosis of both single and multiple open-circuit faults. The fuzzy logic approach is applied to the fault diagnostic variables in order to identify the faulty power switches. The method is experimentally validated on a model predictive controlled (MPC) permanent magnet synchronous motor (PMSM) drive, which shows the effectiveness of the fault diagnosis algorithm with a high robustness regarding the operating point and parameter variations of the PMSM drive system. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.