The discontinue pulse width modulation (DPWM) strategy allows each phase of the inverter switching device to remain inactive for one-third of a cycle, thereby reducing the switching loss. However, there is still room for further improvement in loss reduction. This paper takes the active neutral point clamped (ANPC) three-level inverter as the research object, and proposes a two-phase clamped DPWM (TPCDPWM) strategy suitable for three-level inverter. This method approximates the space reference vector as a composite vector synthesized by two adjacent vectors while minimizing the synthesis error to determine the modulation region. On this basis, the switching loss, synthesis error, harmonic characteristics, and neutral point balancing ability under various modulation strategies are analyzed and compared. Finally, a comparative experimental study of space vector PWM (SVPWM) and TPCDPWM strategies is carried out, and it is verified that the proposed TPCDPWM strategy enables each phase switch of the ANPC three-level inverter to remain inactive for two-third of a cycle, significantly reducing switching loss.