Because of the manufacturing variations of circuit elements and the effects of parasitic parameters, the switching elements of parallel-connected modules cannot be synchronously switched. Consequently, the characteristics of these converters, which are multi-mode, high-order systems, cannot be comprehensively described using reduced-order models based on the symmetry of circuit topology and parameters. It is also difficult to fully describe the characteristics of these systems using discrete mapping models and averaged models. Therefore, we developed a smooth, sigmoid function-based continuous-time model for systems comprising parallel-connected buck converters with average current-sharing control. The proposed model provides a unified description of the continuous and discontinuous conduction modes of the system. The criteria for ensuring the stability of the system were derived based on the Floquet theory. The nonlinear dynamic behavior of the system and the effects of the key parameters on the stability of the system were investigated. The results showed that the system may undergo period doubling bifurcation, border collision bifurcation, and Neimark–Sacker bifurcation as the system parameters varied. The theoretical analysis and simulation results were verified experimentally. Our results provide a basis for the configuration of controller parameters.