The bearingless induction motor (BLIM) is a multi-variable, non-linear, strong coupling system. To achieve higher performance control, a novel neural network inverse system decoupling control strategy considering stator current dynamics is proposed. Taking the stator current dynamics of the torque windings into account, the state equations of the BLIM system is established first. Then, the inverse system model of the BLIM is identified by a three-layer neural network; by means of the neural network inverse system method, the BLIM system is decoupled into four independent second-order linear subsystems, include a rotor flux subsystem, a motor speed subsystem and two radial displacement component subsystems. On this basis, the neural network inverse decoupling control system is constructed, the simulation verification and analyses are performed. From the simulation results, it is clear that when the proposed decoupling control strategy is adopted, not only can the dynamic decoupling control between relevant variables be achieved, but the control system has a stronger anti-load disturbance ability, smaller overshoot and better tracking performance.