Modular multilevel converter (MMC) is widely used in medium-and high-voltage applications, but there are large capacitor voltage ripples on the sub-modules (SMs) when applied to low-speed applications, such as wind generator system. The method based on the injection of common-mode voltage and high-frequency current is the most effective solution at present, but it will bring new problems. To solve these problems, a modified MMC is proposed in this study. Firstly, coupled inductors and LC resonance circuit are adopted as the power transfer channel between the upper arm and lower arm of the MMC, to eliminate the low-frequency voltage ripple. The theoretical analysis and design guideline of the coupled inductors and LC resonance circuit are discussed in detail before the explanation of SM voltage fluctuation suppression method. Secondly, an improved voltage fluctuation suppression method, named limited compensation method, is presented to replace the conventional full compensation method to decrease the magnitude of injected high-frequency current, thereby reducing the current ratings of power devices, size of inductors, and the cost of system. In the end, MATLAB/SIMULINK simulations and a 2 kW down-scaled prototype are performed to validate the effectiveness of the proposed solution and its control scheme.