Common-Mode Voltage (CMV) induces shaft voltage and bearing current due to the electrical interaction with the parasitic capacitance of the motor. CMV, shaft voltage, and bearing current are considered the major causes of bearing fault. Motor fault in a traction system poses a risk of accidents. Therefore, it is necessary to reduce the CMV and the shaft voltage to ensure the reliability of the bearing. However, some existing CMV reduction methods are based on asynchronized space vector pulse width modulation (SVPWM), which will cause unacceptable harmonic distortion at a low switching frequency. Alternatively, some CMV reduction methods based on synchronized SVPWM burden the processor because they require a lot of calculation. In this paper, the method to reduce CMV and shaft voltage is proposed using carrier wave phase shift in SVPWM. CMV is explained in traditional SVPWM, and CMV is reduced by shifting the carrier wave phase of one phase. The simulation model is constructed through MATLAB/SIMULINK and Maxwell 2D/Twin Builder. Considering the proposed method, CMV, shaft voltage, and bearing current are analyzed by an equivalent circuit model. Moreover, the output torque behaviors with different input currents are analyzed through the simulation.