A balancing scheme for phase current and voltage of the flying capacitor in a fully integrated multi‐level multi‐phase DC–DC converter is proposed. The proposed balancing scheme based on the ripple voltage of the flying capacitor can simultaneously mitigate the imbalance of phase current and voltage of the flying capacitor. A mathematical analysis shows the proposed scheme can obtain the current information of the flying capacitor during charging and discharging operations and finally obtain the average inductor‐current value. A prototype 4‐phase 350 MHz three‐level DC–DC converter shows <4.7% voltage imbalance of the flying capacitor and <36 mA phase‐current imbalance at output voltage and maximum load current of 0.9 V and 1.2 A, respectively.