In low and medium voltage power conversion systems, multilevel converters are becoming more and more attractive due to improved power density. However, the complexity of topology and control is a big challenge for the application of multilevel converters. In this paper, a four-level (4L) hybrid flying capacitor (FC) T-type converter has been researched in detail. The topological advantage of the converter is displayed in comparison to existing four-level converters. According to the feature of the topology, the operating status has been analyzed and the reason for the voltage jump is researched in detail during the dead-time period. A strategy to reduce voltage jump by adjusting the switching states has be presented. The FC voltages can be balanced by selecting the appropriate switching states. The relationships between the fluctuations of FC voltages and the modulation index and power factor (PF) have been analyzed by simulation results. The performance of the 4L converter has been investigated in MATLAB/Simulink as well as on a down-scaled laboratory prototype.