The overmodulation strategy plays an important role in the field weakening control for high-speed permanent magnet synchronous motor (PMSM) drives. However, the voltage jumps between the output voltage vectors (OVVs) in high overmodulation regions result in the deterioration of both current performance and loading capability. In order to solve this problem, a novel overmodulation strategy based on the voltage vector space division is proposed. The overmodulation regions are divided by the amplitude and the phase of reference voltage vectors to guarantee the continuity of OVVs. When the overmodulation region changes, the voltage jump can be efficiently suppressed, which contributes to eliminating current ripples. In addition, the proposed parallel projection replaces the traditional center projection to increase the modulation index, which can also improve the fundamental voltage amplitude, and make a reduction of the field weakening current and its current overshoot. By improving the utilization of the dc bus voltage, the higher capability of the output torque can be achieved in the field weakening region. Finally, the effectiveness of the proposed strategy is verified on a high-speed surface-mounted PMSM platform by the experimental results.