The bidirectional dc-dc converter is a critical component for extending the use of renewable energy and improving the efficiency of high-power electronic systems. This paper presents the analysis of the stray inductance of a commutation loop and the commutation behavior of IGBT devices in a flying capacitor three-level bidirectional DC-DC converter (FC-3L-BDC) phase-leg power electronic building block (PEBB). An FC-3L-BDC phase-leg PEBB was designed as an example, which can be used to build 400 kW to MW-grade light rail train chargers, battery energy storage interface converters, or metro regenerative braking energy recovery converters with a single PEBB or several PEBBs interleaved parallel. In order to optimize the stray inductance of commutation paths and realize snubberless operation, a five-layer laminated bus bar was carefully designed, and the stray inductance of the bus bar was extracted by three-dimensional finite element analysis simulation. To obtain higher accuracy, the stray inductances of IGBT devices and capacitors were extracted from the test instead of their datasheets. Then, the accuracy of the commutation loop stray inductance analysis method was verified by practical experiments. The impact of the stray inductance of the commutation loop on the commutation behavior of IGBT devices was analyzed, and the switching characteristics of IGBT devices were measured under maximum DC-link voltage and entire current rating range at the temperatures of −40 °C, 25 °C, and 150 °C, respectively, finding that neither the excessive turn-off overvoltage of IGBTs nor the snappy reverse recovery of FWDs was observed.