The invention provides a control method of a five-level converter. The method comprises the following steps of carrying out per unit processing on an input reference voltage vector to obtain an equivalent space vector Vref; acquiring a first origin mapping center position N, and carrying out first-time correction calculation on the equivalent space vector Vref to obtain an equivalent space vectorV'ref; obtaining a second origin mapping center position M, performing second-time correction calculation on the vector V'ref to obtain an equivalent space vector V''ref; and acquiring the position Xof a two-level sector where the equivalent space vector V''ref is located, then obtaining static vector action time Ta, Tb and Tc, and then obtaining a five-level SVPWM vector sequence. Compared withthe existing five-level calculation, the method has the advantages that the space vector can be simplified, the algorithm is simple and effective, and the algorithm does not modify the five-level space vector, so that the control method can be applied to the space vector control of the five-level converter.