Modular multilevel converters (MMCs), with their inherent features and advantages over other conventional converters, have gained popularity and remain an ongoing topic of research. Many scholars have solved issues related to the operation, control, protection, and reliability of MMCs using simulation software and small hardware prototypes. We propose a novel approach for an MMC controller design with real-time systems. By utilizing a key benefit of LabVIEW Multisim co-simulation, an MMC control algorithm that can be deployed on a field-programmable gate array (FPGA) was developed in LabVIEW. The complete circuit was designed in Multisim, and a co-simulation was performed to drive an MMC model. The benefit of this topology is that control algorithms can be designed in a LabVIEW FPGA and tested with the Multisim co-simulation circuit to obtain simulation results. Once the controller works and provides satisfactory results, the same algorithm can be deployed in any NI (National Instruments) FPGA-based controller, like a compact remote input/output (RIO), to control real-time MMCs designed in an NI PCI eXtensions for Instrumentation (PXI) system. This method saves time and provides flexibility for effectively designing control algorithms and implementing them in an FPGA for real-time model implementation.