The invention discloses an ANPC type three-level 
inverter modulation method, and belongs to the technical field of 
electric power and 
electronics. The modulation method comprises the following steps:1, in the positive 
half cycle of a modulation 
voltage U<o>, when the output 
voltage is changed from +U<dc> / 2 to 0, two switching state changing moments of t<1> and t<2> pass by; at the t<1> moment, aT<2> tube is switched off, and at the t<2> moment, a T<3> tube is switched on; when the output 
voltage is changed from 0 to +U<dc> / 2, two switching state changing moments of t<3> and t<4> pass by; atthe t<3> moment, the T<3> tube is switched off, and at the t<4> moment, the T<2> tube is switched on; in the negative 
half cycle of the modulation voltage U<o>, the modulation method is correspondingto the abovementioned method; and 2, when the modulation voltage U<o> is in transition from the positive 
half cycle to the negative half cycle, four switching state changing moments of t<5>, t<6>, t<7> and t<8> pass by; at the zero-crossing point t<5> moment when the modulation voltage U<o> is changed from the positive half cycle to the negative half cycle, a T<1> tube is switched off; at the t<6>moment, T<2> and T<5> tubes are switched on; at the t<7> moment, T<3> and T<6> tubes are switched off; at the t<8> moment, the T<4> tube is switched on; and when the modulation voltage U<o> is in transition from the negative half cycle to the positive half cycle, the modulation method is corresponding to the abovementioned method. By virtue of the method provided by the invention, the problem ofbus 
capacitor short circuit in current conversion can be overcome; and in addition, a long current conversion circuit can be avoided in a position close to the 
zero crossing point of the modulation wave U<o>, so that the method has certain 
engineering practical value.