With many advantages, modular multilevel convert (MMC) has been extensively used in high and medium voltage power transmission projects. The thermal performance and reliability of components in MMC are key issues in system operation. However, in the current research on the reliability of MMC components, there are few methods to improve service lifetime expectancy of the components. This paper proposes a balance control algorithm, based on the cumulative fatigue damage of components, feedback to the control terminal for allocating the sub-module (SM) operating state and generating trigger pulses. Finally, the effectiveness of the proposed algorithm is verified and discussed in case studies. It is found that this algorithm is able to improve the aging degree of components in the meanwhile, the improvement in MMC reliability comes at the cost of slightly increasing capacitor voltage fluctuations and total harmonic distortion (THD). Due to the limitation of capacitor thermal performance, SM capacitor banks become a weak link in MMC reliability.