Double modulation wave carrier-based pulse width modulation (CBPWM) is a solution for eliminating the deviations of the neutral-point voltage (NPV) in three-level neutral-point clamped inverters. In this paper, a new hybrid CBPWM strategy is proposed that not only eliminates the neutral-point voltage oscillations but also reduces the common-mode voltage (CMV) by half. Furthermore, the harmonic content is also reduced compared with the available reduced CMV modulation by adjusting the modulation waves based on the location of the reference vector in the space vector diagram. An active neutral-point voltage controller is also realized in order to maintain the performance of the modulation strategy under the NPV perturbations. The performance of the proposed algorithm is compared to the available CBPWM-based techniques in the literature. The effectiveness of the proposed method is also verified by experimental results.