A balancing circuit in a multi-series battery pack prevents a specific cell from being overcharged by reducing the voltage difference between the cells. Passive cell balancing is widely used for easy implementation and volume and size reduction. For optimal passive cell balancing, the charging/discharging current conditions and the state of charge (voltage condition) of the battery must be determined. In addition, the balancing algorithm must determine an allowable voltage deviation threshold between the cells connected in series to determine whether a specific cell performs a balancing operation. However, previous studies have not dealt with the design of balancing operating conditions in detail. In addition, the balancing time and efficiency improvement effect under specific conditions for arbitrary battery cells used in each previous study were mainly presented. Therefore, this study proposes a variable voltage deviation method in which the threshold for determining the voltage to be balanced is changed by reflecting the battery capacity, rated current specification, open-circuit voltage, and resistance of the balancing circuit. In addition, the voltage management performance and efficiency analysis results of the existing balancing algorithm and the proposed balancing method for the case where there is parameter deviation in the cells of the battery pack are also presented. The proposed method was verified through the simulation and experimental results of a reduced battery module in which three types of battery cells, INR 18650-30Q, INR 18650-29E, and INR 21700-50E, were arranged in 4-series.