ABSTRACTThe equivalent relationship between the carrier-based modulation (CBPWM) and the space vector modulation (SVPWM) based on the flying capacitor multilevel inverters has not been analysed systematically. Due to the redundancies of the flying capacitor multilevel inverters, this paper firstly focuses on the switching sequence and the working ratio of each switching state and then proposes a novel method of decomposing modulation wave. This method can distribute the ratio of redundancies arbitrarily to satisfy the requirements of the output. Taking three- and five-level inverters as examples, by injecting a zero-sequence voltage into the CBPWM modulation wave and then decomposing the new modulation wave, we can get the same sequence of SVPWM modulation. This method takes the advantages of using simple CBPWM to realise the complex output of SVPWM, such as double- and quadruple-frequency output. At last, we deduce the equivalent relationship between the SVPWM and CBPWM in n-level with an arbitrary number of segments. Experimental results verify the correctness of the equivalent relationship.