Performance of a carrier-based pulsewidth modulation (CB-PWM) strategy can be improved by the inclusion of a zero-sequence voltage in the modulation-reference signal. This paper proposes a new CB-PWM strategy for a three-level neutralpoint-clamped (NPC) converter, which is based on a zero-sequence voltage injection. By inclusion of the zero-sequence voltage, the sinusoidal-modulation reference is modified to 1) carry out the voltage-balancing task of the dc-link capacitors, with no additional control effort, 2) reduce the switching losses, and 3) reduce the lowfrequency voltage oscillations of the neutral point. The proposed strategy is an alternative approach to the nearest three-vector (NTV) space-vector modulation (SVM) strategy and is obtained by the analysis of the NTV-SVM strategy and establishing a correlation between the NTV-SVM and the CB-PWM strategies. The salient features of the proposed scheme, as compared with the NTVSVM strategy, are: 1) its reduced computational processing time which is attractive for digital implementation and 2) its reduced switching losses. Compared with the existing CB-PWM strategies, the proposed strategy offers 1) capability to balance the capacitor voltages and reduce the NP voltage oscillations and 2) reduced switching losses. Performance of the proposed CB-PWM strategy for a three-level NPC converter based on time-domain simulation studies in the MATLAB/SIMULINK environment is evaluated and also experimentally verified.