This paper is focused on the experimental approach to explore the potential of independent component analysis (ICA) in the context of motor imagery (MI)-based brain-computer interface (BCI). We presented a simple and efficient algorithmic framework of ICA-based MI BCI (ICA-MIBCI) for the evaluation of four classical ICA algorithms (Infomax, FastICA, Jade, and Sobi) as well as a simplified Infomax (sInfomax). Two novel performance indexes, self-test accuracy and the number of invalid ICA filters, were employed to assess the performance of MIBCI based on different ICA variants. As a reference method, common spatial pattern (CSP), a commonly-used spatial filtering method, was employed for the comparative study between ICA-MIBCI and CSP-MIBCI. The experimental results showed that sInfomax-based spatial filters exhibited significantly better transferability in session to session and subject to subject transfer as compared to CSP-based spatial filters. The online experiment was also introduced to demonstrate the practicability and feasibility of sInfomax-based MIBCI. However, four classical ICA variants, especially FastICA, Jade, and Sobi, performed much worse as compared to sInfomax and CSP in terms of classification accuracy and stability. We consider that conventional ICA-based spatial filtering methods tend to be overfitting while applied to real-life electroencephalogram data. Nevertheless, the sInfomax-based experimental results indicate that ICA methods have a great space for improvement in the application of MIBCI. We believe that this paper could bring forth new ideas for the practical implementation of ICA-MIBCI.