This paper proposes using a reduced-switch 3-level voltage source inverter (VSI) in a minimized torque ripple model predictive current control (MPCC) of an interior permanent magnet synchronous motor (IPMSM). Firstly, the proposed VSI has fewer switches than other 3-level VSIs; at the same time, it creates more voltage vectors compared to 2-level VSI; hence, it enhances the dynamic performance of MPCC and reduces the speed/torque ripples of IPMSM. Secondly, to achieve further torque ripple minimization, an improved cost function is proposed which includes proper tuning of the weighting factors of d- and q-axis current errors based on torque ripple information between the reference torque and its one beat delay prediction. Moreover, to obtain maximum electromagnetic torque with minimized stator current, the reference d-axis current is calculated with maximum torque per ampere (MTPA) trajectory in every prediction cycle. The effectiveness of the proposed MPCC has been investigated and compared with the conventional MPCC based on simulations done in MATLAB/Simulink environment.