Predictive errors restrict high performance of finite control set model predictive control (FCS-MPC) in the cascaded H-bridge multilevel inverter.In order to solve this problem, the influence mechanisms of parameter mismatch, model discretization, and sampling error on voltage and current prediction errors are analyzed in this article. A hierarchical multifactorial error correction method is proposed. The known voltage prediction errors of the previous adjacent prediction periods are first fed back to calculate the voltage predictive error factors and self-correct the next voltage prediction errors. And then the current prediction errors are calibrated by the corrected voltage and the calculated current predictive error factor. This proposed method involves a simple structure and a good inhibitory ability on multifactorial prediction errors. Finally, experimental results in a three-phase five-level cascaded H-bridge multilevel inverter support the theoretical analysis and the proposed method.