PWM (pulse width modulation) is the most widely applied current conversion technology, but the high-frequency harmonics it causes have a significant negative impact on inverter system performance. This paper focuses on the three-phase T-type three-level inverter as the research object and addresses existing PWM voltage noise and midpoint potential imbalance issues by proposing an improved random SVPWM strategy, named Neutral Point Potential Balance Random Space Vector PWM (NPB–RSVPWM). The NPB–RSVPWM strategy includes three main steps: (1) introducing a midpoint potential balancing control loop to adjust the synthesis timing of the effective vectors to generate pulse signals, optimizing midpoint potential balance; (2) employing a randomly varying carrier frequency in place of the carrier used in the SVPWM strategy to generate the driving signals for switching devices; and (3) controlling the inverter through the driving pulse signals. This strategy optimizes the synthesis sequence of traditional SVPWM strategy vectors and incorporates random frequency modulation techniques. The mathematical model analyzes PWM harmonic expressions corresponding to fixed switching frequencies, and a random frequency carrier is chosen to suppress these PWM harmonics. The effective vector’s equivalent circuit is analyzed, proposing a technique for optimized vector synthesis timing. The simulation and experimental results verify that the NPB–RSVPWM technique can disperse PWM harmonic energy, reduce voltage noise, and optimize midpoint potential balance. Under the NPB–RSVPWM strategy, the line voltage spectrum becomes uniform, the maximum harmonic content is greatly reduced, and the fluctuation in the DC side midpoint potential is significantly improved. Compared with the traditional SVPWM strategy and random PWM strategy, the NPB–RSVPWM strategy has a lower voltage noise, smaller total harmonic distortion, and a more stable midpoint potential. The effectiveness and feasibility of the NPB–RSVPWM strategy are verified by simulation and experimental results.