In this paper an effective five-phase induction motor (IM) and its drive methods are proposed. Due to the additional degrees of freedom, the five-phase IM drive presents unique characteristics for enhancing the torque producing capability of the motor. Also the five-phase motor drives possess many other advantages when compared to traditional three-phase motor drives. Some of these advantages include, reducing the amplitude and increasing the frequency of the torque pulsation, reducing the amplitude of the current without increasing the voltage per phase and increasing the reliability. In order to maximize the torque per ampere, the proposed motor has concentrated winding, the produced back electromotive force (EMF) is almost trapezoidal, and the motor is supplied with the combined sinusoidal plus the third harmonic of the currents. For demonstrating the superior performance of the proposed five-phase IM, the motors are also analyzed on the synchronously rotating reference frame. To supply trapezoidal current waveform and to exclude the effect of the $3^{rd}$ harmonic current, a new control stratagem is proposed. The proposed control method is based on direct torque control (DTC) and rotor flux oriented control (RFOC) of the five-phase IM drives. It is able to reduce the acoustical noise, the torque, the flux, the current, and the speed pulsations during the steady state. The DTC transient merits are preserved, while a better quality steady-state performance is produced in the five phase motor drive for a wide speed range. Experimental results clearly demonstrated a more dynamic steady state performance with the proposed control system.