The invention discloses an ANPC type three-level inverter modulation method, and belongs to the technical field of electric power and electronics. The modulation method comprises the following steps:1, in the positive half cycle of a modulation voltage U<o>, when the output voltage is changed from +U<dc> / 2 to 0, two switching state changing moments of t<1> and t<2> pass by; at the t<1> moment, aT<2> tube is switched off, and at the t<2> moment, a T<3> tube is switched on; when the output voltage is changed from 0 to +U<dc> / 2, two switching state changing moments of t<3> and t<4> pass by; atthe t<3> moment, the T<3> tube is switched off, and at the t<4> moment, the T<2> tube is switched on; in the negative half cycle of the modulation voltage U<o>, the modulation method is correspondingto the abovementioned method; and 2, when the modulation voltage U<o> is in transition from the positive half cycle to the negative half cycle, four switching state changing moments of t<5>, t<6>, t<7> and t<8> pass by; at the zero-crossing point t<5> moment when the modulation voltage U<o> is changed from the positive half cycle to the negative half cycle, a T<1> tube is switched off; at the t<6>moment, T<2> and T<5> tubes are switched on; at the t<7> moment, T<3> and T<6> tubes are switched off; at the t<8> moment, the T<4> tube is switched on; and when the modulation voltage U<o> is in transition from the negative half cycle to the positive half cycle, the modulation method is corresponding to the abovementioned method. By virtue of the method provided by the invention, the problem ofbus capacitor short circuit in current conversion can be overcome; and in addition, a long current conversion circuit can be avoided in a position close to the zero crossing point of the modulation wave U<o>, so that the method has certain engineering practical value.