In order to improve the Direct Current (DC) bus utilization ratio and realize harmonic suppression of a five-phase induction motor, the SVPWM (Space Vector Pulse Width Modulation) algorithm was researched in depth. Based on an analysis of the present SVPWM algorithm and the volt-second balance principle, a dynamic and adjustable new pattern four-vector SVPWM algorithm was proposed. The algorithm uses the modulation index and zero vector to improve the characteristics of the inductor motor, the function relationship with real-time dynamic ratio between the action–time ratio of the space voltage vector and the modulation index was proposed to maximize DC bus utilization ratio, and the random zero-vector dynamic modulation mode was used to reduce harmonic influence, being able to spread harmonics concentrated around certain frequencies across a wider frequency band and thus produce a more continuous and uniform power spectrum. The new algorithm model was built using Matlab/Simulink, and the simulation and experimental results demonstrated that the algorithm is effective and feasible.