To solve the issue of exponentially increasing computational burden of finite control set model predictive control (FCS-MPC) for multilevel converters, a fast MPC scheme for multilevel cascaded H-bridge STATCOM is presented. The proposed approach consists of three steps. First, with the partially stratified optimization approach, the multiobjective programming of MPC is divided into two suboptimization problems, i.e., current-control MPC and voltage-balancing MPC. Second, a dynamic programming algorithm is proposed for the optimization of current-control MPC. Third, a mixed algorithm, which combines dynamic programming and greedy algorithm (0-1 programing), is proposed to select the optimal switching combination from all the redundant switching combinations for the voltage balancing MPC achieving a global optimization. Through the analysis of the time complexity, with the proposed scheme, the total computation of FCS-MPC can be reduced to polynomial time from exponential time. The proposed approaches will not deteriorate the control performance. The control performance is validated by simulation results and the effectiveness is further demonstrated by implementing the algorithm on a low-cost DSP (TMS320F28335) in real time.