Four-level hybrid-clamped inverter is a newly proposed topology that can operate under a wide voltage range without switches connected in series. However, when it is applied in medium voltage high power conversions, the flying capacitors in each phase will occupy a huge volume and a high switching frequency is required to restrain the voltage ripples. In order to overcome this drawback, a four-level active neutral-point clamped inverter is discussed in this paper, which consists of only six switches and no diodes or flying capacitors are required. In order to balance the neutral-point voltages under the full power factor and modulation index range, a capacitor voltage balance method based on carrier-overlapped pulsewidth modulation is proposed in this paper. The upper and lower dc-link capacitor voltages are balanced by zero-sequence voltage injection and the central dc-link capacitor voltage is balanced by adjusting the duty cycles of switching signals slightly. Simulation and experimental results are presented to confirm the validity of this method.