The overmodulation characteristics of a carrier-based medium vector pulse width modulation (CBMVPWM) are examined in this study. CBMVPWM can completely eliminate leakage currents in a three-phase, three-level inverter using only the switching states with the same common mode voltage even in an overmodulation operation. The analytic equations for the magnitude of the output voltage and the switching frequency are derived for overmodulation operation, and the effect of dead time on the leakage current is demonstrated. This study presents the operating principle of CBMVPWM, basic overmodulation features, and simulations and experiments for operating verification.