With the further implementation of the carbon peak carbon neutral strategy, new energy vehicles will play an important cornerstone in the realization of this policy. However, the power source lithium battery pack has reduced the charge and discharge capacity due to the variation in the energy of the single cells, which largely limits the wide application of new energy vehicles. A cascaded buck–boost converter is proposed to balance the inconsistent energy in the battery pack. This equalization circuit is equipped with two fundamental working modes on which a matrix equalization strategy is developed and optimized accordingly. Then, the systematic evaluation method on average efficiency and time is applied to investigate the performance of the converter. Subsequently, the proposed converter and its control method have shown better performance than the existing equalization circuit via simulation and experimental verification. The design has high scalability and is expected to be applied to large‐scale energy storage systems to serve the construction of the global energy Internet.