Abstract: The ANPC three-level inverter exhibits advantages such as ease of neutral point potential balancing, low output voltage harmonic content, high efficiency, and strong loss balancing capability, demonstrating promising prospects in energy storage converter applications. To address the efficiency optimization and neutral point potential balancing challenges in ANPC three-level inverters, this paper proposes a dynamic modulation method based on zero-sequence voltage injection. By dynamically superimposing optimized zero-sequence components onto three-phase modulation waves through neutral point potential feedback, composite modulation waves are reconstructed to achieve switch clamping in specific phase intervals while suppressing DC-side capacitor voltage fluctuations. Finally, a three-level ANPC inverter simulation model was established for verification. The results demonstrate the feasibility of the proposed method.