This paper proposes a new hysteresis based predictive current control of neutral clamped inverter for DSTATCOM application. This method uses a possible voltage vector to predict future injected compensator current and minimum quality functions selected. The control directly provides compensator currents from the predicted values once the zero error is verified. The performance of proposed current control is compared with conventional hysteresis current control (HCC) and remarkable improved performance in terms of reference tracking, reduces ripple content, reduce switching frequency and load compensation are presented. In comparison with other predictive based control the propose model is found easy to implement without complex transformation and retain all the benefits of conventional HCC as well as predictive control. An extensive simulation studies are carried out using MATLAB/SIMULINK environment to extract the digitally simulated result in order to validate the control performance.