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Ripple currents on the direct current (DC) bus in variable frequency drive (VFD) systems originate from motor load current fluctuations and the high-frequency switching of power devices. The resulting Joule heating within the DC-link capacitors is a primary driver of lifespan degradation. To address the lack of systematic models for multi-phase H-bridge inverters and the over-design caused by empirical methods, this paper proposes a novel analytical method that incorporates the 2kπ/N phase difference of parallel units for precise ripple current quantification. First, a dynamic DC-link capacitor model is established based on a single-phase H-bridge inverter, and the expressions for the instantaneous, average, and root mean square (RMS) input currents are derived. Furthermore, by introducing the 2kπ/N phase difference (where k = 0, 1, …, N − 1) among N parallel H-bridge units, a universal analytical expression for the RMS input current and its harmonic spectrum in a multi-phase system is obtained. The analysis reveals that ripple current harmonics concentrate at 2m × fsw (where m is a positive integer and fsw is switching frequency) and their sidebands (2m × fsw ± fo, fo is output fundamental frequency), and the coupling influence of modulation index and power factor angle on ripple amplitude is quantitatively characterized. A 12 × 160 kW twelve-phase H-bridge inverter is taken as a case study, and MATLAB (v2023b) simulations and hardware experiments demonstrate that the theoretical calculations are in close agreement with the simulated and measured results, with the errors of input current harmonic amplitudes all below 5%. Compared with traditional empirical design, the proposed method reduces the capacitor volume and cost by approximately 15–20% while ensuring system reliability. This method is directly extensible to other multi-phase inverter topologies, providing a theoretical foundation for the accurate selection of DC-link capacitors.