A new minimum-time minimum-loss speed control algorithm for induction motors is suggested to obtain high performance, as well as high efficiency, under field-oriented control with practical constraints on voltage and current. This algorithm utilizes a two-stage control, In the transient stage, a maximum-torque control algorithm is utilized to get the minimum-time response, In the steady state, a minimum-loss control algorithm is applied to improve the efficiency. Simulation studies show the performance of the proposed minimum-time minimum-loss control algorithm under field-oriented control.