Embodiments of the present application disclose a multi-level inverter clamping modulation method and apparatus, and an inverter. Switching elements of an inverter are controlled when an output voltage of the inverter crosses zero, and switching elements in each inverter bridge arm of an active clamp multi-level inverter include an internal tube, an external tube, and a clamping tube. The internal tube and the external tube are connected in series between a positive bus and a negative bus, the clamping tube is connected between a common terminal of the internal tube and the external tube and a bus, the internal tube is a low-frequency switching element, and the external tube and the clamping tube are high-frequency switching elements.