For multiobjective model predictive current control (MPCC) method with penalties, the penalty weights are introduced into the cost function to determine the relative importance of control targets. However, the dimensions and value ranges of each control target are different. Thus, the penalty coefficient is difficult to determine. To avoid the difficulty of dimensionless parameter design, this article proposes a multiobjective control method called MPCC with multiple current bounds. In this article, the switching frequency and the common-mode voltage (CMV) are selected as the control target. Their control is converted into the limitation of the current ripple so that the control parameters have a clear physical meaning. On the one hand, the proposed method can realize the cooperative control of reference current tracking, switching frequency suppression, and CMV suppression. On the other hand, the key control parameters have the same dimension and strong correlation with others. Therefore, appropriate parameter design can be realized. Experimental investigations for permanent magnet synchronous motor prove the effectiveness of the control method.