This article evaluates the model‐free predictive current control for three‐level inverter‐fed permanent magnet synchronous motor drives based on a full‐update technique of dq‐axes current variations. The proposed method is implemented in three steps. First, the defined feature current variations are calculated relying on the projection relationship between the corresponding voltage vectors and are assigned to obtain the other current variations of the same category to enhance the updating frequency of dq‐axes current variations and the current quality as well. Second, a voltage pre‐selection is conducted in the predictive current control by virtue of the applied voltage vector. In this case, the enumeration of all available vectors is effectively omitted, yielding the reduced computational burden. At last, the unbalanced neutral‐point voltage of three‐level inverter is eliminated to improve the control performance. Experimental and simulated results have been employed to highlight the favorable performance of the proposed control strategy.