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Multilevel inverters (MLI) are the most reliable and suitable inverters for medium and highpower applications. These inverters reduce the total harmonic distortion. There exist many types of single and three-phase multilevel inverters which are used in industries. The main issue of these multilevel inverters is use of an excess number of switches, which introduces the in-system losses, complexity of circuit, size, and cost etc. There are many novel topologies of multilevel inverter which are addressing the same issues. This paper anticipated a new topology of asymmetric cascaded multilevel inverter (MLI). This novel topology can be used for single, three and multi-phase inverters and is most suitable for medium and high-power applications. To demonstrate the working of this novel topology in detail, its modes of operation are also explained. The validity of this inverter is tested for both resistive and inductive load. Due to the utilization of very limited switches, gate drivers and DC voltage sources, it is found that this topology is low cost, simple and efficient inverter.