The present invention relates to a control method for balancing a neutral point voltage of a three-level circuit, comprising obtaining the neutral point voltage through sampling, adjusting a duty ratio of a zero level in one phase to maintain balance of the neutral point voltage when an absolute value of the neutral point voltage is larger than a threshold value, and distributing duty ratios of positive and negative levels in the phase, such that an output voltage of switch bridge arm in the phase includes positive, negative and zero levels in at least one switch period. The present invention can be carried out in a three-phase four-wire system and a three-phase three-wire system. In the three-phase three-wire system, it may also be combined with zero sequence voltage injection to form a mixed modulation method, thereby acquiring more effective neutral point balance control performance, and reducing switch loss.