Cascaded multilevel converters based on medium-frequency (MF) AC-links have been proposed as alternatives to the traditional low-voltage inverter, which uses a bulky low-frequency transformer step-up voltage to medium voltage (MV) levels. In this paper, a three-phase cascaded DC-AC-AC converter with AC-link for medium-voltage applications is proposed. Three stages integrate each DC-AC-AC converter (cell): a MF square voltage generator; a MF transformer with four windings; and an AC-AC converter. Then, k DC-AC-AC converters are cascaded to generate the multilevel topology. This converter’s topological structure avoids the per-phase imbalance; this simplifies the control and reduces the problem only to solve the per-cell unbalance. Two sets of simulations were performed to verify the converter’s operation (off-grid and grid-connected modes). Finally, the papers present two reduced preliminary laboratory prototypes, one validating the cascaded configuration and the other validating the three-phase configuration.