Three-phase AC motors fed by the neutral point supply (NPS) topology integrate a DC/DC converter function. In order to clearly explain the mechanism of the integrated DC/DC converter function, the average model and an equivalent circuit of the special topology are developed. Then, a new control strategy is proposed for the topology, in which the motor and the DC-link voltage can be independently controlled. Experiments are implemented on a 1.5 kW synchronous reluctance motor to verify the correctness of these theoretical analyses and the effectiveness of the proposed control strategy.