For the problem that the traditional indirect matrix converter has low voltage gain, a Split-Source Two-Stage Matrix Converter (SSTSMC) is introduced. To simplify the calculation process, a carrier-based PWM modulation strategy is proposed. This modulation strategy is suitable for split-source two-stage matrix converter. Based on the switching sequence introduced by the SVPWM strategy, the duty cycle of each switching vector is substituted into a fixed triangular carrier to derive the modulation wave. The power switch driver signal is obtained by comparing the modulated wave with the carrier wave, and then the required control signal is obtained by calculation, which reduces the number of commutations of the matrix converter. It does not require complex trigonometric operations in the traditional SVPWM algorithm, which greatly reduces the amount of calculation and makes it easy to hardware and software implementation. The proposed topology and its modulation strategy are verified by building a simulation model.