In this paper an extensive comparative performance study is carried out between No-load and load condition of an open loop model of a Brushless Direct Current (BLDC) Motor drive fed from a two-level voltage source inverter (VSI) under 120-degree conduction mode, using simulations in a MATLAB based software environment. BLDC motors are currently growing in popularity and replacing the brush motor in many applications, as they can be used in both low and high-speed vehicle systems and also in servo drives. The high reliability, torque to inertia ratio, high efficiency, high power density, ease of control and mainly the brushless operation make BLDC motors superior to others. It has a permanent magnet as a rotor with a balanced 3-phase armature in its stator. The armature winding is driven by a power electronics inverter which is switched in synchronism with the rotor position, sensed by an optical encoder or a Hall Effect sensor. It is found that torque ripple can be minimized by tuning the value of rotor position, no load condition and trapezoidal armature phase current. The different performance parameters for no-load and load condition of the BLDC motor such as phase voltages, phase currents, speed, electromagnetic torque, d and q axis current and rotor position etc. are determined in MATLAB environment.