Carrier-based pulse width modulation (CBPWM) and virtual space vector pulse width modulation (VSVPWM) are briefly reviewed for neutral-point-clamped three-level inverters (NPC TLI). A new modulation strategy referred to as N3S_CBPWM is then proposed to simultaneously consider multiple goals, such as the-neutral-point voltage (NPV) balance, switching loss, and common-mode voltage (CMV) reduction. For N3S_CBPWM in each switching cycle, the three-phase switching actions are zero, one, and two. In addition, the constraint conditions of the modulation waves are provided based on the reduction of the CMV. Subsequently, N3S_CBPWM, CBPWM, and VSVPWM are compared in terms of the NPV balance capability, switching loss, and CMV reduction. Finally, the feasibility and superiority of the proposed N3S_CBPWM are verified experimentally.