Based on the principles of reinjection converter technology and submodule operation, a novel topology for a reinjection multilevel voltage source converter (RMVSC) is proposed. In this topology, submodules are dynamically connected in series as the reinjection circuit. This new topology retains all the functions of the RMVSC while offering flexible control of the reinjection circuit and ease of modularization, making it highly suitable for high-voltage, high-power applications. A circulating drive pulse sequence was developed for the 7-level serial submodule RMVSC, ensuring dynamic stability of the submodule voltage and maintaining low harmonic distortion when interfaced with the grid. Building on this, a double-loop control strategy—comprising an outer power loop and an inner current loop—was proposed for the static synchronous compensator (STATCOM) of RMVSC. A simulation model was constructed in PSCAD/EMTDC, and the simulation results confirm the excellent performance of the proposed topology and the effectiveness of both the modulation strategy and the double-loop control strategy. The RMVSC-STATCOM demonstrates continuous and bidirectional reactive power regulation, with high control accuracy and superior compensation current quality.