This paper deals with a simple method in order to analyze and compare the harmonic characteristics in the multi-level inverter. Generally, the magnitude of harmonic components becomes different according to the multi-carrier Pulse Width Modulation(PWM) techniques, the modulation index($M_i$) and the switching frequency The previous papers analyzed the harmonic characteristics from the viewpoint of the space voltage vector. Hence, the calculation of the harmonic vector becomes more difficult and complex in 4-level or over 5-level. However, the proposed method has reduced an amount of calculation and simplified the process of it, using the relationship between the reference voltage and the output phase voltage to the load neutral point. It is applied to the 5-level cascade inverter and the harmonic characteristics for each multi-carrier PWM technique are compared through the simulation.