Aimed at the pulse width modulation (PWM) voltage noise and power imbalance in three-phase cascaded H-Bridge (CHB) inverters, a modified random PWM (RPWM) strategy, named the power-balanced RPWM (PB-RPWM) strategy, is proposed in this paper. The PB-RPWM strategy mainly includes three steps: (1) random pulse signals are generated by compared modulation wave with level-shifted random carriers; (2) the random pulse signals are circularly distributed between CHB units by a logic operation method, and then the driving pulse signals of switching devices are produced; (3) the driving pulse signals are used to control the inverter. Under the PB-RPWM strategy, the spectra of the line voltage become uniform and continuous, that is, the PWM voltage noise of the line voltage can be effectively reduced. The output voltage of a single H-bridge unit can contain three basic voltages within 3/2 TA, that is, the power balance between CHB units can be realized. When compared with conventional non-random and random PWM strategies, the PB-RPWM strategy has a lower PWM voltage noise and smaller total harmonic distortion (THD). When compared with the level-shifted PWM (LS-PWM) strategy, the PB-RPWM strategy has a balanced power performance. The effectiveness and feasibility of the PB-RPWM strategy is verified by abundant simulations and experiments.