BLDC motors are often used in many applications, such as Electric Vehicles (EVs) because of their simple structure, reliable operation, low maintenance, high dynamic speed, high torque and high efficiency. Basically, a BLDC motor is similar to conventional DC motor in performance but without brushes. Many papers and journals have been published regarding to the operation, speed control methods, starting methods, current control methods, and so on. One of ways to know the characteristic of BLDC motor is by modeling and simulation. In this study, the exact electrical equivalent circuit of BLDC motor related to mechanical and electrical equations is introduced. The electrical equations which have the same structure as mechanical equations are given. Thus, all of mechanical components are expressed into electrical circuit element terms. Numerical example of BLDC motor parameters is given, so the analysis of BLDC motor with load and without load is obtained by using the exact electrical equivalent circuit.