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A novel topology of three-phase-bridge (3P-bridge) cascaded PWM rectifier was proposed and analyzed in this paper. The two-level cascaded 3P-bridge topology is composed of three basic cells and the basic cell is a three-phase voltage source PWM converter; the line voltages in AC side of the converter are produced through cascaded way. The analysis results showed that the proposed converter in this paper could be used for three-phase system of high-voltage and high-power directly, such as power electronic transformer (PET); its control method is simple and flexible. The simulation results demonstrated the correctness of the proposed converter and verified the theoretical predictions, with the One-cycle control (OCC) under vector operation mode.