In this paper, a step-by-step description to get a unique three-level boost DC–DC converter (TLBDC) (DC—direct current) small signal model is first presented and validated through simulations and experiments. This model allows for overcoming the usage of two sub-models as in the conventional modeling approach. Based on this model, voltage balance (VB) controllers are designed and VB control analysis is presented. Two VB controllers, namely Proportional Integral (PI) and Fuzzy, were analyzed when the VB control was applied on both TLBDC switches or only one. According to the obtained simulation and experimental results, the proposed model gives an accurate approximation in dynamic, small perturbations around an operating point and steady state modes. Moreover, it has been shown that VB is achieved in a reduced time when VB control is applied on both the TLBDC’s switches. Furthermore, the Fuzzy controller performs better than PI controller for VB control.