The invention discloses an online loss calculation method for a modular multilevel converter (MMC), and belongs to the field of power transmission and distribution. The method comprises the following steps of: 1) calculating the conduction loss of two insulated gate bipolar transistors (LGBT) and two flywheel diodes in each sub-module (SM); 2) calculating the switching loss of the two IGBTs and the reverse recovery loss of the two flywheel diodes in each SM; and 3) calculating related loss by using a loss calculation module. The method has the advantages that: 1, the complexity of manual measurement and calculation is effectively avoided when the MMC has a great number of modules, workload is greatly reduced, and the method is fast and convenient; 2, the online calculation of the loss of the MMC is realized, and the method is wide in application range, and can be applied to the loss calculation of an MMC system in any operating state; and 3, modular packaging is facilitated, a floor area is saved, the utilization rate of resources is increased, and the output of a platform comprises various kinds of loss and loss ratios, so that the method is direct and clear, and staff can conveniently observe the running state of the system at any time.