The model-based permanent magnet synchronous motor (PMSM) sensorless control technique relies on the motor parameters. However, the parameters’ values of PMSM always change in operation. And due to the magnetic saturation effects, the difference between the apparent inductance and the incremental inductance always exists, which makes it hard to obtain the necessary apparent inductance for sensorless control. To overcome this problem, an online apparent inductance identification method based on minimum adjustment algorithm for PMSM sensorless control is proposed. First, the incremental inductance table at different working points is obtained offline. Then, the asymmetric high-frequency signal injection is used to identify the incremental inductance at one working point. The incremental inductance table is adaptively adjusted by the proposed minimum adjustment algorithm. Finally, the apparent inductance is calculated using the adjusted inductance table. The proposed method is embedded into PMSM sensorless control technique to overcome the inductance mismatch problem. The experimental results verify the effectiveness of this method.