This paper proposes a new direct torque control (DTC) method for a three-level neutral point clamped (3L-NPC) inverter-fed interior permanent magnet synchronous motor (IPMSM) drive. Theoretically, in comparison to a two-level inverter, a 3L-NPC inverter is advantageous for reducing the torque and flux ripples in DTC drives. Nonetheless, the ripples can still be excessive and detrimental if low switching frequencies are desired. To reduce the torque and flux ripples while maintaining a low average switching frequency, a switching table-based DTC scheme employing two voltage vectors in each sampling period is proposed in this paper. A duty ratio calculation method with minimal parameter dependence is developed, taking into account the dynamic torque and flux characteristics of an IPMSM. In addition, the problems of neutral point voltage fluctuations and smooth voltage vector switching, which are inherited from the 3L-NPC inverter, are addressed. Simulation and experimental results are presented to prove the effectiveness of the proposed method.