Abstract: Virtual Space Vector Modulation(VSVPWM) strategy can completely eliminate the low-frequency fluctuation of the neutral-point(NP) in three-level inverters, effectively addressing the issue of NP unbalance. However, the conventional implementation process is complex, computationally intensive, and does not consider suppressing NP fluctuations or adjusting NP independently. Adopting a carrier-based VSVPWM simplifies the process of obtaining switch duty ratios. Through the generalized PWM equation, it is demonstrated that the virtual vector is independent of the unbalancing degree. The proposed NP control strategy can accurately adjust the unbalancing degree and suppress the fluctuation of the NP caused by small capacitor. The effectiveness of the VSVPWM and the proposed NP control strategy is verified through MATLAB/Simulink.