An improved two-stage model predictive current control (MPCC) for three-phase three-level converters in the paper, which can simultaneously achieve common-mode voltage (CMV) reduction, effective dc-link capacitor voltage control, and decreased computational burden, is proposed. Compared to the other current control strategies, it has the capability of handling multiple control objectives and possesses a simple structure. Furthermore, it greatly reduces the CMV since the peak CMVs of all the candidate voltage vectors are constrained to be less than one sixth of the dc-link voltage. In addition, an optimal two-stage voltage vector selection mechanism is employed in the proposed method. It helps to significantly reduce the computational complexity. Simulation and experimental results are provided to verify the effectiveness of the proposed method.