This paper presents a systematic investigation of the fault-mode behaviors of matrix converter systems. Knowledge about converter behaviors after fault occurrence is important from the standpoint of reliable system design, protection and fault-tolerant control. Converter behaviors have been, in detail, examined with both qualitative and quantitative approaches for key fault types, such as switch open-circuited faults and switch short-circuited faults. Investigating the fault-mode behaviors of matrix converters reveals that converter operation with switch short-circuited faults leads to overvoltage stresses as well as overcurrent stresses on other healthy switching components. On the other hand, switch open-circuited faults only result in overvoltage to other switching components. This study can be used to predict fault-mode converter behaviors and determine additional stresses on remaining power circuit components under fault-mode operations.