A direct torque control (DTC) with a modified finite set model predictive strategy is proposed in this paper. The eight voltage space vectors of two-level inverters are taken as the finite control set and applied to the model predictive direct torque control of a permanent magnet synchronous motor (PMSM). The duty cycle of each voltage vector in the finite set can be estimated by a cost function, which is designed based on factors including the torque error, maximum torque per ampere (MTPA), and stator current constraints. Lyapunov control theory is introduced in the determination of the weight coefficients of the cost function to guarantee stability, and thus the optimal voltage vector reference value of the inverter is obtained. Compared with the conventional finite control set model predictive control (FCS-MPC) method, the torque ripple is reduced and the robustness of the system is clearly improved. Finally, the simulation and experimental results verify the effectiveness of the proposed control scheme.