In this paper, an analysis of power losses for the three-level T-type and neutral-point clamped (NPC) PWM inverters is presented, in which the conduction and switching losses of semiconductor devices of the inverters are taken into account. In the inverter operation, the conduction loss depends on the modulation index (MI) and power factor (PF), whereas the switching loss depends on the switching frequency. Power losses for the T-type and NPC inverters are analyzed and calculated at the different operating points of MI, PF and the switching frequency, in which the four different models of semiconductor devices are adopted. In the case of lower MI, the NPC-type is more efficient than the T-type, and vice versa. The validity of the power loss analysis has been verified by the simulation results.