ABSTRACTThe unidirectional multilevel rectifier has immense potential in high‐power medium‐voltage industrial applications. This paper proposes a multiobjective control method based on the combination of optimal‐vector‐pair modulated model predictive control (OVP‐M2PC) and a phase‐shifted modulation strategy for a unidirectional five‐level rectifier. This strategy takes both of the inductor current tracking and capacitor voltage balancing as the control objectives. First, an optimal vector pair is determined based on the AC‐side current variation rate, and then, through combining the calculated action duration of OVP with carrier phase‐shifted modulation, inductor current tracking is achieved. Second, capacitor voltage balancing control is carried out by compensating for the duty cycles which also decouples the input current tracking and output capacitor voltage balance control. Compared with traditional FCS‐MPC, under the proposed control strategy, complex cost function calculation and weighting factor tuning are not required, which much reduced computational burden. Multiobjective control is achieved with better performance in both steady‐state and dynamic conditions. The superiority of the proposed strategy over traditional FCS‐MPC are validated through simulations and hardware experiments.