In this paper, stator and rotor failures in squirrel-cage induction machines are modeled using the magnetic equivalent circuit (MEC) approach. Failures associated with stator winding and rotor cage are considered. More specifically, stator inter-turn short circuit and broken rotor bar failures are modeled. When compared to conventional modeling techniques, the MEC modeling approach offers two main advantages: 1) relatively high speed of execution, and 2) high accuracy. The developed MEC model is validated here with respect to the experimental tests and time-stepping finite-element simulations for healthy and various faulty conditions.