Modular multilevel converter (MMC) is widely used in high-voltage occasions for its good power qualities and flexible controls. However, the large number of semiconductor switches would lead to an extremely complicated electromagnetic environment. To clarify the detailed conducted electromagnetic interference (EMI) mechanisms of MMC, this article builds an EMI model of MMC considering different submodule switching states. Based on this model, the EMI paths of submodule switching- <sc xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">on</small> and switching- <sc xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">off</small> processes are analyzed. Then, this article analyzes the effects of submodule heatsink connecting patterns on EMI, and explains the mechanisms of mixed-mode (MM) EMI phenomenon that common-mode component brings in extra differential-mode component. Simulation and experiment results verify the proposed EMI mechanisms and MM phenomenon. The conclusions of this article have great reference significance for the EMI research of MMC and other high-voltage converters.