A control method of a three-phase multi-level inverter includes: determining a modulation ratio based on output of the three-phase multi-level inverter, where the modulation ratio indicates a ratio of an amplitude value of a sinusoidal modulation wave in pulse width modulation to an amplitude value of a carrier; generating, based on the modulation ratio and a modulation ratio threshold, a common-mode voltage regulation signal for regulating a common-mode voltage in phase voltages of the three-phase multi-level inverter; adding the common-mode voltage regulation signal and a differential-mode voltage regulation signal for regulating a differential-mode voltage in the phase voltages of the three-phase multi-level inverter to obtain a composite regulation signal, where the composite regulation signal is presented as a modulation wave for discontinuous pulse width modulation (DPWM); and generating, based on the composite regulation signal, drive signals for controlling switches of phases of the three-phase multi-level inverter.