In the process of oil production, the submerged oil motor works 1-3 km downhole and is connected to the inverter by a long-wire cable, which generates overvoltage at the motor end due to the problem of matching the impedance of the motor with the impedance of the power cable. The downhole environment is not suitable for the installation of precision devices, such as position sensors. To solve these problems, a sensorless control method of submerged oil motors based on a high-frequency voltage injection method is proposed. A motor terminal voltage and current observer under a long-wire cable model is designed to estimate the actual values of motor terminal voltage and current by collecting the voltage and current at the inverter terminal. A three-level inverter is used to provide energy to the submersible oil electric pump through the long-wire cable, which can effectively suppress the motor terminal overvoltage compared to the two-level inverter. The control algorithm is verified by modeling the whole system using simulation software.