Recently, as the perception of eco-friendliness has changed, the demand for energy storage devices has been rapidly increasing due to the growth of the electric vehicle industry and smart grid facilities, which are emerging as an alternative to next-generation electricity supply and demand. Therefore, the importance of battery management technology is growing, and various voltage balancing techniques between battery cells are being studied in order to maintain high efficiency and continuous performance of batteries. This paper proposes a voltage balancing topology using a single input-multiple output (SIMO) two-switch flyback converter in a series battery configuration to resolve voltage imbalance between batteries. The characteristic of the proposed topology is that each cell on the secondary side of the two-switch flyback converter is connected to one high-frequency transformer to share the magnetic flux, and voltage balancing is performed according to the switch operation of the converter. At this time, the accumulated excess energy of the converter is refluxed to the power supply side through the freewheeling diode and converted into reactive power. The verification of the usefulness of the theoretical analysis in this paper was based on the analysis of the dynamic characteristics and steady state of the circuit through PSIM and experiments, and was conducted for one module composed of four cells.