One of the main challenges of a four-switch three-phase rectifier (FSTPR) is a DC imbalance in capacitor voltages. On the other hand, under unbalanced grid voltage conditions, unbalanced three-phase input current and the DC-link voltage affect the performance of the FSTPR. Although many papers focus on designing a controller to balance DC-link capacitor voltage, a few papers are available to cope with the imbalance of DC-link capacitor voltages and input current simultaneously under unbalanced grid voltage. In this paper, first, the operation of the FSTPR under unbalanced grid voltage conditions is investigated. It can be seen that under these conditions, the oscillatory parts of the active and reactive input power, i.e., sin and cos components, are the leading cause of the problems that can severely degrade the FSTPR performance of the controller. Therefore, this paper presents a promising control technique to eliminate the mentioned oscillation components. Aiming at this purpose, the current control loops in the dq axis are divided into two positive and negative sequences, i.e., idq+ and idq−. Simulation results in MATLAB/SimPowerSystem™ show that the proposed controller can reduce the output voltage ripple, the total harmonic distortion, and the unbalancing of input current compared to a conventional controller. Under these conditions, the DC-link capacitor voltages are more balanced, significantly reducing the voltage limiter of the FSTPR.