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Summary A novel hybrid‐multiplexed fifteen‐switch converter (HM‐15SC) topology, which can simultaneously output a set of three‐phase AC and three sets of DC, is proposed to address the problems of a single type of power electronic converter and the complexity of coordinated control of AC/DC hybrid systems for smart grid. In this paper, we conduct a detailed analysis of the topology and operating principles of HM‐15SC. This includes an examination of the converter's effective switching states in relation to output voltage, current paths, and maximum voltage stress. In addition, a modulation strategy combining single‐leg independent model prediction current control (SL‐MPCC) and time‐sharing cooperative (TSC) ideas is proposed to establish a single‐leg AC current prediction model, which effectively reduces the prediction arithmetic under the premise of realizing three‐leg independent prediction control and optimal control of AC/DC hybrid outputs. Finally, we verify the feasibility and superiority of the proposed HM‐15SC topology and its modulation strategy using the Typhoon HIL 402 platform. [ABSTRACT FROM AUTHOR]