The high-frequency magnetic link is gaining popularity due to its light weight, small volume, and inherent voltage balancing capability. Those features can simplify the utilization of multilevel converter (MLC) for the integration of renewable energy sources to the grid with compact size and exert economic feasibility. The modulation and control of MLC are crucial issues especially for grid connected applications. To support the grid, the converter may need to operate in over-modulation (OVM) region for short periods depending upon the loading conditions. This OVM operation of the converter causes increased harmonic losses and adverse effects on overall system efficiency. On top of that, the size and cost of filtering circuitry become critical to eliminate the unwanted harmonics. In this regard, a modified OVM scheme with phase disposed carriers for grid connected high frequency magnetic link-based cascaded H-bridge (CHB) MLC is proposed for the suppression of harmonics and the reduction of converter loss. Furthermore, with the proposed OVM technique, the voltage gain with modulation index can be increased up to the range which is unlikely to be achieved using the classical ones. Extensive simulations are carried out with a 2.24 MVA permanent magnet synchronous generator-based wind energy conversion system which is connected to the 11 kV ac grid through a high-frequency magnetic link and a 5-level CHB MLC. A scaled down laboratory prototype is implemented to validate the performance of the converter.