The converter consisting of a single-phase half-bridge rectifier and four-switch three-phase inverter is a low-cost power converter with complicated operating constraints. It is difficult to control by the conventional strategies. This study proposes a hybrid predictive control strategy with dual loops for this converter. In the outer loop, a proportional-integral controller is designed to regulate the dc-link voltage, capacitor voltage balancing, and the speed and flux of induction motors (IM). Also, in the inner loop, the finite set model predictive control is employed to control the ac input current and stator currents of the IM. The major advantages of the control strategy include: (i) easy to deal with complicated constraints and manage multiple control targets; (ii) without the need of modulators; (iii) good dynamic response. The simulation and experimental results indicate that the proposed method can guarantee the stable operation and good performance.