A Neutral Point Clamped (NPC) type three-level inverter has the advantages of a low switch voltage and a high-quality output waveform. However, there are inherent problems, such as neutral point potential asymmetry and common mode interferences, which easily affect the symmetry of the three-phase output voltage and the safe operation of the inverter. Firstly, according to the different modulation degrees, the fluctuation of midpoint potential can be suppressed by adding an action time correction factor to the traditional space vector pulse-width (SVPWM) modulation strategy and virtual space vector pulse-width (VSVPWM) modulation strategy, respectively. Secondly, considering the suppression of common mode voltage, a new virtual space vector pulse-width (NVSVPWM) modulation strategy is proposed, which uses a set of new vector synthesis methods. Finally, the simulation and experiment prove that the NVSVPWM strategy with an action time correction factor can suppress the fluctuation of the neutral point potential and common mode voltage at the same time, and the effect is significant.