To enhance the operational efficiency of energy storage converters in grid-connected systems with high renewable penetration, this study systematically investigates key technologies of active neutral-point clamped (ANPC) topology under “electrical–thermal–mechanical” multi-physical field coupling. The study reviews recent progress in structural design, modulation strategies, and fault-tolerant control, highlighting their impact on efficiency, reliability, and power density. At the structural stage, a hybrid SiC/IGBT device configuration combined with a three-dimensional stacked bus reduces conduction loss and achieves parasitic inductance. In the modulation stage, improved finite-set model predictive control and adaptive space vector modulation shorten computation time to 20 µs and keep total harmonic distortion (THD) within 2.8%. System-level evaluations demonstrate that a 250 kW ANPC converter attains a peak efficiency of 99.1%, a power density of 4.5 kW/kg, and a mean time between failure exceeding 150,000 h. These findings reveal a clear transition from single-objective performance improvement toward integrated multi-physics co-design. By unifying advanced modulation, intelligent fault-tolerant control, and multi-field coupling optimization, ANPC-based converters advance converters to a new stage of higher efficiency, reliability, and stability. The results provide essential technical support for next-generation power conversion systems in renewable-rich grids.