This paper proposes a neutral-point voltage ripple reduction of high frequency injection sensorless control of IPMSM fed by a three-level inverter. The high frequency voltage injection method has been successfully applied to sensorless control for IPMSM at low speed region. In the process of high frequency voltage injection sensorless control for IPMSM, the neutral-point voltage ripple is increased. It should be reduced because it distorts the output current and decreases a lifetime of DC-link capacitor. The proposed method in this paper reduces the neutral-point voltage ripple by compensating the reference voltage, and the compensation value is calculated simply with reference voltages and currents. The effectiveness of the proposed method is verified by simulation results.