Abstract: Modular Multilevel Matrix Converter (MMMC) has the advantage of modularization, which can realize the three-phase AC-AC conversion, and can be used in high-voltage and high-power situations. However, when the number of modules in the MMMC is even, the traditional carrier phase-shift modulation strategy will cause the output voltage of two H-bridge submodules on the bridge arm to overlap 100%, so that the H-bridge sub-module on the bridge arm cannot be used efficiently. On the other hand, the total output level of the H-bridge sub-module on the bridge arm will also be sharply reduced, which makes the MMMC work inefficient. To solve the above problems, this paper proposes a new modulation strategy, which is called dual-carrier modulation strategy that can solve this problem and greatly improve the output effect of MMMC. Through theoretical analysis, derivation and simulation comparison of two modulation strategies on MATLAB/Simulink simulation platform, it is verified that when the number of modules of MMMC is even, under the same conditions, the output effect of new modulation strategy is better than that of traditional modulation, and the new modulation strategy can achieve the same effect as the traditional modulation strategy in half modules. Therefore, the new modulation strategy is more economical and of greater practical value.