This　paper　introduces　the　modular　multilevel　converter(MMC),　analyzes　five　modulation　strategies　of　the　multilevel　structures:　carrier　phase　shift　pules　width　modulation(CPS-PWM),　carrier　overlap　modulation,　carrier　rotation　modulation,　nearest　level　modulation(NLM)　and　incremental　capacitance　equalization　algorithm　with　voltage　upper　and　lower　limits.　In　order　to　analysis　the　dynamic　performance,　including　harmonic　component,　switching　loss,　and　characteristics　of　capacitor　ripples　of　MMC,　the　simulation　experiments　were　completed　in　PLECS.　After　comparison,　it　is　found　that　there　are　different　results　when　measuring　the　merits　of　modulation　strategies　from　different　standards.　On　this　basis,　this　paper　presents　the　optimal　modulation　strategies　in　different　scenarios,　and　also　provides　a　direction　for　future　improvement.　©　2020　IEEE.