In the past decade, model predictive control (MPC) has been widely used in AC motor drives. Although a series of improved MPC strategies have been proposed, researchers are still seeking more effective solutions for different application backgrounds and application requirements to achieve the goals such as algorithm simplification, weighting factor design, parameter robustness enhancement, current/torque ripple suppression, and so on. In this paper, aiming at the above problems, the MPC strategy and its optimisation technology for AC motor drive system are comprehensively reviewed. Firstly, this paper introduces the classical MPC technology with the permanent magnet synchronous motor drive system fed by two‐level voltage source inverter as the control object. Secondly, this paper introduces and discusses the existing MPC optimisation methods from the aspects of current/torque ripple suppression, algorithm simplification, weight factor design and parameter robustness enhancement. Finally, based on the current industrial development requirements for AC motor drive systems and the research status of MPC optimisation methods in the existing literature, the current challenges and future trends of MPC technology are discussed.