The invention relates to an integrated gate commutated thyristor (IGCT) three-level power module belonging to the technical field of high-power semiconductor switches. The IGCT three-level power module comprises an IGCT, an antiparallel flywheel diode, a left metal frame weld assembly, a right metal frame weld assembly, a pressing mechanism, a square water-cooling radiator, an insulating fixed pin, an insulating draw rod, an insulating hook pin, a P phase leading-in bus bar, a P phase leading-out bus bar, an M phase leading-out bus bar, an N phase leading-out bus bar, an N phase leading-in bus bar and the like. The invention adopts a structural style of three mutually parallel power strings, and each power string realizes the compression joint of electric/electronic components with the corresponding connecting bus bars, the square water-cooling radiator and insulators by the pressing mechanism. In the invention, absorption circuits are compactly arranged, thereby decreasing the mutual stray inductance; and a waterway interface and a power circuit interface are separated and are arranged respectively in the front and at the back.