The control device of an induction motor includes a current command maximum value setting portion that sets an excitation current command maximum value and a torque current command maximum value. The current command maximum value setting portion changes, when the induction motor is accelerated/decelerated, the excitation current command maximum value based on which one of first and second excitation current command maximum values is lower, and changes the torque current command maximum value based on the excitation current command maximum value and an allowable maximum current value of a drive portion. The first excitation current command maximum value is based on the allowable maximum current value, and the second excitation current command maximum value is based on a power supply voltage of the drive portion, a current frequency of the drive current and an excitation inductance of the induction motor.