In this article, a novel control scheme for five-level hybrid flying-capacitor inverters is proposed, which can balance the neutral-point voltages across split dc-link capacitors and simultaneously regulate the flying-capacitor voltages.Each capacitor voltage is maintained by regulating the currents that flow through the dc-link neutral points and the flying capacitors. The key components affecting these currents are analyzed to construct a control scheme based on the injection of zero-sequence voltage to the modulation voltage reference.This technique eliminates the need for the auxiliary balancing circuit, which was previously used in the conventional operating schemes to regulate the dc-link capacitor voltages and, thus, reduces the device count and converter volume. The effectiveness of the proposed method for maintaining the capacitor voltages within the allowable range has been verified under various operating conditions through the simulation and experimental results.