Abstract: To address the shoot-through risk and the limitation of high-frequency operation caused by the reverse recovery of antiparallel diodes in conventional three-phase four-level inverters, a three-phase four-level dual-buck(4L-DB) inverter topology is proposed. By integrating the dual-buck structure with the four-level dual T-type configuration, the proposed topology inherently achieves shoot-through immunity at the circuit level, eliminating the need for dead-time and thereby reducing output harmonic distortion while enhancing system reliability. Furthermore, independent SiC diode freewheeling paths are introduced to effectively suppress the reverse recovery losses of IGBT antiparallel diodes. To address the capacitor voltage imbalance issue, a hybrid modulation strategy based on the “4L=2L+3L” decomposition concept is used, enabling decoupled control of the neutral-point capacitor voltage and the upper and lower capacitor voltages. Loss models for both the conventional 4L-DT inverter and the proposed 4L-DB inverter are established and compared. The results indicate that the proposed topology exhibits a more moderate increase in switching losses with frequency, demonstrating strong potential for high-frequency operation. A 3 kW prototype is built, and experimental results validate the feasibility of the proposed topology and the effectiveness of the capacitor voltage balancing strategy.