This paper proposes a new multi-level energy recovery sustaining driver for AC PDP(Plasma Display Panel), which solves the problems and maintains the merits of the conventional multi-level sustaining driver. While the conventional circuit improves the hard switching in the Weber circuit, there exist parasitic resonant currents in resonant inductors and Vs/2 sustaining period. Comparing the proposed circuit with the conventional circuit, the number of inductors are reduced by half, the parasitic resonant currents in resonant inductors are eliminated, and the hard switching problem is solved by CIM(Current Injection Method). Moreover the voltages across series-connected switching elements in the full bridge circuit are distributed equally by adopting NPC(Neutral Point Clamping) techniques. And circuit operations of the proposed circuit are analyzed for each mode and the validity is verified by the simulations using PSpice program and experimentation with a prototype drive circuit.