A novel three-phase switched-capacitor multilevel inverter (SCMLI) with reduced capacitance and balanced neutral-point voltage is proposed in this paper. Applying only one DC source, the three-phase seven-level topology possessing voltage-boosting capability is accomplished without the high-voltage stress of power switches. Owing to the inherent redundant switching states of the proposed topology, two charging approaches that can effectively limit the voltage ripples and path selection for capacitors can be realized. This provides the presented topology with reduced capacitance, balanced neutral-point voltage, good performance in not only the three-phase four-wire system but also the three-phase three-wire system, and low total harmonic distortion (THD) of the output voltage. A comprehensive comparison with previous SCMLIs in various aspects is conducted to validate the merits mentioned above. The simulation results accord with theoretical analyses, confirming the feasibility of the proposed three-phase SCMLI.