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Abstract This paper presents an open‐switch fault detection, and identification method for a neutral‐point clamped rectifier system. A new calculation method for phase‐to‐phase pole voltage deviations is proposed for reducing calculation errors. In this way, the more accurate diagnosis can be achieved. Both single‐switch faults, and multiple‐switch faults can be identified effectively by using fewer diagnostic variables, which makes the diagnostic method simpler, and more reliable. And all the variables can be simply calculated by signals which are available to the control system of the rectifier, avoiding the use of additional hardware. Moreover, different voltage thresholds are designed for different faulty feature sections to further reduce the diagnostic time. Additionally, a diagnostic result checking method is proposed to avoid the misdiagnosis when considering the effect of outer‐switch faults. Finally, experiments are carried out, and the results show the robustness, and effectiveness of the proposed method.