An indirect matrix converter will generate a large common mode voltage during operation, causing serious electromagnetic interference to the motor system and affecting the normal operation of the system. To address this issue, a new space vector modulation strategy is proposed to reduce the size of the common mode voltage and improve output voltage performance. First, the space vector of the rectifier stage is re-divided into regions, and three adjacent effective current vectors are selected based on the region where the reference current vector is located. The average DC bus voltage under the effective vector is maintained at a constant value to ensure the maximum output voltage of the rectifier stage. Second, the inverter stage adopts a ‘no zero vector’ modulation strategy, which suppresses the common mode voltage peak to 0.577 times the input phase voltage amplitude by synthesizing the required output voltage using three effective voltage vectors. Compared with traditional modulation strategies, the proposed modulation strategy not only reduces the computational burden of the system, but also reduces input and output harmonics, improving the quality of input and output waveforms. Finally, a corresponding model is built using Matlab/Simulink and an experimental platform, and the effectiveness of the proposed strategy is verified through simulation and experiment.