Many research fields demand a pulsed power modulator capable of generating high-voltage arbitrary waveforms that are different from typical rectangular pulses. In this article, a new distributed high-voltage arbitrary waveform generator composed of multiple “standard” versatile pulsed power modules (VPPMs) is proposed. Each VPPM, based on the cascaded expanded full-bridge (EFB) cells, integrates the complete functional parts and has the same terminals. Therefore, multiple VPPMs can be connected directly and operate independently, in series or in parallel. In order to solve the problem of driving a large number of switches at different potentials, a new driving system based on magnetic isolated drive circuits is used. According to this design concept, three VPPMs with eight-stage EFB cells were developed and combined in different ways to construct the distributed pulse power supply with different configurations. The test results are also given: the single VPPM achieves the maximum output voltage of ±7 kV and a total of 17-level voltage output; when three VPPMs operated in series, the maximum 49-level arbitrary waveforms with an amplitude of ±20 kV were obtained; in the case of operating in parallel, the voltage drop of the output pulse decreases obviously.