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Conventionally, the converter of switched reluctance motor (SRM) is fed by the uncontrollable diode bridge rectifier (DBR), which leads to a low grid-side power factor (PF) and high current total harmonic distortion (THD). In this paper, an alternative solution for the grid-connected high-speed SRM drive system with improved PF is proposed. In the proposed drive system, the three-level active front end (AFE) is connected in cascade with the midpoint converter for SRM operation. A centralized strategy, which controls the AFE and SRM together, is proposed to govern the motor speed and grid-side PF by regulating the real power and reactive power of the system, respectively. Specifically, the real power, reactive power, and the voltage balancing of split capacitors are controlled by the model predictive directed power control (MP-DPC) algorithm, which significantly reduces the control complexity and guarantees the fast dynamic response. Consequently, satisfying speed regulation, high PF, low current THD, and bi-directional power-transfer capability are achieved. An idea-proofed testbench is constructed in laboratory, and the applicability of the proposed drive system is verified by a series of experimental results. [ABSTRACT FROM AUTHOR]