Neutral-point-clamped multilevel converters are currently a suitable solution for a wide range of applications. It is well known that the capacitor voltage balance is a major issue for this topology. In this paper, a brief summary of the basic topologies, modulations, and features of neutral-point-clamped multilevel converters is presented, prior to a detailed description and analysis of the capacitor voltage balance behavior. Then, the most relevant methods to manage the capacitor voltage balance are presented and discussed, including operation in the overmodulation region, at low frequency-modulation indexes, with different numbers of AC phases, and with different numbers of levels. Both open- and closed-loop methods are discussed. Some methods based on adding external circuitry are also presented and analyzed. Although the focus of the paper is mainly DC–AC conversion, the techniques for capacitor voltage balance in DC–DC conversion are discussed as well. Finally, the paper concludes with some application examples benefiting from the presented techniques.