SummaryIn this paper, a new floor function (F2) single‐carrier (SC)‐based modulated model predictive current control technique (M2PC2T) has been proposed by considering the conventional single‐phase five‐level packed U‐cell (PUC5) inverter topology. Generally, to regulate the output current, the finite control set‐based MPC technique without a modulator inherently operates with variable switching frequency, and it is unsuitable for industrial applications. To alleviate this, authors have implemented M2PC2T, which provides constant switching frequency of operation. In this technique, generally, the predictive algorithm has been integrated with any modulation stage. However, while the implementation of pulse width modulation (PWM) techniques, most authors have used conventional PWM techniques which further increases the control complexity as the level number increases. In this manuscript, a simple and generalized F2‐SC‐PWM technique has been proposed and integrated with the predictive algorithm. This PWM technique implementation process is very simple as compared with all conventional PWM techniques since even if the level number increases, the number of modulating and carrier signals is always only one. Finally, the complete closed‐loop control technique is called a generalized F2‐SC‐M2PC2T which is suitable for all stiff direct current (dc) sources and switched capacitor‐type multilevel inverter (MLI) topologies. The proposed control technique (PCT) has been experimentally verified with different transient and steady‐state case studies by considering resistive‐inductive load.