The cascaded H‐bridge (CHB) converter can achieve rich functions, such as active rectification, active power filtering, distributed energy storage, etc. The control of the CHB converter is a multiobjective optimization problem. Finite control set model predictive control (FCS‐MPC) is an effective method developed in recent years to solve this problem. However, because of the large amount of calculation, traditional FCS‐MPC cannot be directly used to control the multilevel CHB converter. It is also difficult to tune the weighting factors in traditional FCS‐MPC. To solve these problems, this paper proposes an improved sequential MPC (IS‐MPC) method for the CHB converter. The proposed method divides the control objectives of the CHB converter into different layers according to their priorities and the control degrees of freedom of each layer can be adjusted according to the system state. Simulation and hardware‐in‐the‐loop (HIL) implementation on a three‐phase 7‐level CHB converter shows that the proposed method can effectively control the ac current and submodule voltage of the CHB converter and reduce the switching loss. Moreover, it significantly reduced the calculation burden of traditional FCS‐MPC, and the use of the weighting factors is also avoided. © 2024 Institute of Electrical Engineer of Japan and Wiley Periodicals LLC.