Dual active bridge (DAB) converter is one of the most popular bidirectional isolated dc/dc converters. Comparing with the two-level DAB converter, the multilevel DAB topologies take advantages of providing more control degrees of freedom to enhance the control flexibility. Therefore, these topologies are promising alternatives for wide voltage range applications. This article proposed an optimizing modulation strategy for neutral-point-clamped hybrid three-level dual active bridge (NH3L-DAB) converter to minimize the rms value of inductor current and the conduction losses. First, the basic operating principle of NH3L-DAB is analyzed comprehensively in the article. Afterward, the concept of global optimal condition is employed to derive the optimal modulation, and the corresponding analytical expressions of the control coordinates for rms current minimization are derived. By applying the optimal modulation strategy, NH3L-DAB facilitates to break the performance barriers of the prior-of-art of two-level DAB converter when the voltage transmission ratio has large variation. Finally, a bidirectional prototype with 200–450 V input and 20–28.8 V output is built to demonstrate the superior performance of the proposed optimal modulation strategy, and the detailed explanation of the experimental results is given as well.