This paper proposes a model predictive control (MPC) method that applies the space vector modulation (SVM) technique to a permanent magnet synchronous motor (PMSM) driven by a three-level neutral-point-clamped (NPC) inverter. The MPC method selects the optimized voltage vector for the inverter control using the predictive modeling equation of the PMSM and cost function. However, since the conventional MPC method uses the limited voltage vector to control the inverter, large torque ripple is generated. The proposed algorithm performs the torque ripple reduction by synthesizing voltage vectors of various magnitudes, selecting optimal voltage vectors through the cost function implementation, and switching with space vector modulation (SVM). The proposed control method is validated through the simulation and experimental results.