One of the most prominent issues relevant to Doubly Fed Induction Generator (DFIG) is augmentation of its Low Voltage Ride Through (LVRT) capability. Dynamic Voltage Restorer (DVR) is a series kind of Distributed-Flexible AC Transmission Systems (D-FACTS) that is here occupied to preserve the DFIG from the voltage sag whenever a fault to be occurred in the power system. Multi-Level Inverter (MLI) is the beating-heart of DVR with unique responsibility of synthesizing a staircase sinusoidal voltage from the DC voltage sources. In this regard, it is immensely important a high performance and cost-effective MLI to be embedded into the DVR. In this paper, a novel MLI is introduced to provide a staircase sinusoidal voltage with high level numbers against less switch numbers as compared to the other kinds of MLIs. By adding the bi-directional switches and capacitors of sub-MLI as well as amount of DC sources, the held forth MLI can also operate as so-called “Odd-nary” Cascaded Asymmetric Multi-Level Inverter (OCAMLI). The performance of proposed DVR based on OCAMLI i.e., DVR-OCAMLI has been thoroughly evaluated under deep and shallow balanced and unbalanced voltage sags so that its LVRT capability to be cleared up. To more scrutinize the performance of DVR-OCAMLI, it has been withal dealt with under severe and slight voltage swells as well as harmonic voltage. The accuracy and performance of DVR-OCAMLI has been furthermore compared with conventional DVR. To sum up, the relevant analytical study along with the simulation results has transparently corroborated the performance of OCAMLI as compared to other MLIs. Meanwhile, the DVR-OCAMLI has significantly compensated deep and shallow symmetric and asymmetric voltage sags to enhance the LVRT capability of DFIG; correspondingly, the severe and slight symmetric and asymmetric voltage swells as well as voltage harmonic have been exceptionally compensated as compared to conventional DVR.