Finite control set model predictive control (FCS‐MPC) has been widely used in the control of three‐phase voltage source converter (VSC), but its control performance declines sharply at low sampling frequencies. This paper proposes an optimal control set expansion method with slip window selection and online parameter modification to improve the performance and robustness of FCS‐MPC. First, the performance of different control set expansion methods is compared. Then, an optimal control set expansion method that carries 12 virtual vectors is proposed. Last, a slip window selection strategy and an online parameter modification algorithm are proposed to reduce the computational burden and improve the controller's robustness respectively. Experimental result show that the proposed method significantly improves the control accuracy and carries good robustness and anti‐disturbance ability. Compared with existing typical MPC strategies, the proposed method obtains better current quality with lower switching frequency and requires less calculation. Moreover, the design of the proposed method is simple and there is no weighting factor to be tuned, which increases the method's practicality.