With the rapid development of new energy power generation and high-power traction technology, the voltage and power levels of converter devices have been continuously improved, and the application of high-power converters is becoming increasingly widespread. However, high-power converters are affected by switching losses and heat dissipation, meaning they are not suitable for high carrier conditions. Therefore, research of low carrier ratio converter systems has received increased attention. Based on existing research, the problems of large current harmonics, low observation accuracy, and poor stability that may occur at low carrier ratios are explained. In addition, the topologies, modulation strategies, and control methods of the low carrier ratio converter system are analyzed and classified. Finally, future research directions of low carrier ratio converter systems are proposed.