A multi-level converter can include: a switch capacitor circuit having M flying capacitors and 2*(M+1) transistors, where M is a positive integer; an inductive element; a balance circuit coupled to a common node of the switch capacitor circuit and the inductive element; and where the balance sub-circuit includes at least one balance sub-circuit, a balance switch, and a balance capacitor, and where the flying capacitor and the balance capacitor are coupled to each other in one of series and parallel connections by controlling the balance switch to selectively to be turned on and off.