Voltage sag is one of the most common power quality disturbance in industry, which causes huge inrush current and inrush torque of induction motors, and has serious impacts on the safe and stable operation of induction motor. To further study the detailed transient characteristics of induction motors during sag events, an improved 2-D multi-slice field-circuit-motion coupling time-stepping finite element method (FEM) is proposed. Then, taking a 5.5 kW, a 55 kW and a 135 kW induction motors as examples, the influence of phase-angle jumps and initial point-on-wave on the stator current peak, torque peak, speed loss and critical clearing time of the induction motor are discussed by using the proposed model. The simulation results show that stator current peak and torque peak increase obviously, while speed and critical clearing time decrease apparently, when considering the phase angle jump. And different initial points have little influence on these operation indicators. Finally, the proposed method is verified by comparing the measured and calculation data of the 5.5 kW three-phase squirrel-cage motor, respectively. The results show that the proposed method can reach higher precision with considering nonlinear characteristics.