In the multiphase flow simulations based on the lattice Boltzmann equation(LBE), the spurious velocity near the interface and the inconsistent density properties are frequently observed. In this paper, a well-balanced regularized lattice Boltzmann (WB-RLB) model with Hermite expansion up to third order is developed for two-phase flows. To this end, the equilibrium distribution function and the modified force term proposed by Guo [Phys. Fluids 33, 031709 (2021)1070-663110.1063/5.0041446] are directly introduced into the regularization of the transformed distribution functions when considering the LBE with trapezoidal integral. First, to give a detailed comparison of the well-balanced lattice Boltzmann equation(WB-LBE), WB-RLB, and second-order mixed difference scheme (SOMDS) proposed by Lee and Fischer [Phys. Rev. E 74, 046709 (2006)1539-375510.1103/PhysRevE.74.046709], the theoretical analyses on the force balance of LBE with two different gradient operators, isotropic central scheme (ICS) and SOMDS, as well as the numerical simulations of the stationary droplet are carried out. The force analysis shows that SOMDS can achieve a higher accuracy than ICS for the force balance, which has been validated in the simulations of stationary droplet cases. For the stationary droplet cases, all three models (WB-LBE, WB-RLB, and SOMDS) can capture the physical equilibrium state even at a large density ratio of 1000. Also, the numerical investigations of the WB-RLB model with third-order expansion (WB-RLB3) demonstrate that adjusting the relaxation parameters of the third-order moment can further improve the accuracy and stability of the WB-RLB model. Then, both the droplet coalescence and the phase separation cases are investigated with considering the effect of different interface thickness, which demonstrates that the performance of the WB-RLB for the two-phase dynamic problems is still quite well, and it exhibits better numerical stability when compared with the WB-LBE. In addition, the contact angle problem is investigated by the present WB-RLB model; the numerical results show that the predicted values of the contact angles agree well with the analytical solutions, but the well-balance property is not validated, especially near the three-phase junction. Overall, the present WB-RLB model exhibits excellent numerical accuracy and stability for both static and dynamic interface problems.