The paper presents the analysis of the four-phase 8/6 structure Switched Reluctance motor drive under the lacking one phase fault condition with the fault tolerant control and without the fault tolerant control by the two common adjustable-speed control strategies. Some performance indexes that indicate the capacity of fault tolerant, the effect of the fault, the current rating requirement of the main switches in the power converter and the load requirement of the phase windings in the motor, are given. The drive could continue operation and keep the rated output without the faulted phase by the fault tolerant control with the current rating of the components in the power converter and the load rating of the normal phase windings in the motor allowed.