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The high-frequency link matrix converter (HFLMC) is composed of a traditional H-bridge circuit connected with the matrix converter through a single-phase high-frequency transformer (HFT). Compared with the traditional isolated converter, the high-frequency link matrix converter not only realizes the isolated DC-AC conversion, but also improves the transmission efficiency. However, the SVPWM modulation method for high-frequency link matrix converter will have relatively large circulating currents. In this paper, the reason of circulating currents of high-frequency link matrix converter is analyzed. Based on space vector modulation, an improved SVM modulation on method is proposed. A zero vector state is added between the two active vectors to reduce the circulating currents generated when switching between the active vectors. The working mode of the improved SVM modulation method and the active vector action time are analyzed. Finally, the correctness of the modulation method proposed in this paper is verified by simulation.