Abstract: A series Z-source dual output two-stage matrix converter（ZS-DO-TSMC） topology with its modulation strategy was proposed. Compared with conventional dual-output two-stage matrix converter, the proposed topology has less power electronic devices, higher voltage transfer ratio, and eliminate the dead time of the power electronic devices. This converter which consists of a rectifier stage, a series Z-source network and a five-leg inverter stage can supply for two three-phase loads independently. To keep the input voltage of the inverter stage constant, increase the modulation index of the inverter stage and reduce the capacitor voltage stress of the Z-source network by adjusting the duty cycle of the shoot-through vector dynamically, an improved space vector modulation strategy with dynamic boost factor was presented. Finally, the feasibility and validity of the proposed converter, operation principles and modulation strategies were verified by simulation and experimental result.