Modular multilevel converters (MMCs) have become one of the most attractive topologies for high-voltage and high-power applications. A double-carrier phase disposition pulse width modulation (DCPDPWM) method for MMCs is proposed in this paper. Only double triangular carriers with displacement angle are needed for DCPDPWM, one carrier for the upper arm and the other for the lower arm. Then, the theoretical analysis of DCPDPWM for MMCs is presented by using a double Fourier integral analysis method, and the Fourier series expression of phase voltage, line-to-line voltage and circulating current are deduced. Moreover, the impact of carrier displacement angle between the upper and lower arm on harmonic characteristics is revealed, and further the optimum displacement angles are specified for the circulating current harmonics cancellation scheme and output voltage harmonics minimization scheme. Finally, the proposed method and theoretical analysis are verified by simulation and experimental results.