Real-time simulation is a crucial but complicated task for fast control prototyping of high-power converters. Detailed semiconductor device-based model simulates a large number of switching events at a small time step, which requires large computational effort and is thus challenging for real-time simulation. This paper proposes a complete equivalent model (CEM) approach for the real-time simulation of a hybrid 3-level and modular multilevel converter (H3LC). The presented CEM simplifies the detailed equivalent model (DEM) of the H3LC and facilitates the implementation of real-time simulation. A central processing unit (CPU) and field-programmable gate array (FPGA) based simulation is presented whereby the massive parallel computing power of the FPGA enables the simulation of the H3LC's three-level T-type converter and the hundreds of series-connected full bridge submodules. The rest of the converter system, including the converter controls, the AC grid, and the measurement of the AC currents are implemented within the CPU model. The FPGA-based converter model is interfaced with the CPU model using controlled voltage sources to represent the ACand DC-side equivalent voltages of the H3LC. The OP5700 realtime digital simulator from OPAL-RT Technologies is used to realize the CPU-FPGA real-time simulation, which is verified by the offline MATLAB/Simulink Simscape model.Index Terms-Complete equivalent model, hybrid 3-level and modular multilevel converter, real-time simulation, fieldprogrammable gate array simulation, high voltage direct current transmission, voltage source converter NOMENCLATURE CEM Complete equivalent model CF Chainlink FBSM CPU Central processing unit DS Direct switch DEM Detailed equivalent model DM Detailed semiconductor device-based model EMT Electro-magnetic transient EM Equivalent module FBSM Full-bridge submodule FPGA Field programmable gate array HCMC Hybrid cascaded multilevel converter HVDC High voltage direct current H3LC Hybrid 3-level and modular multilevel converter IGBT Insulated-gate bipolar transistor MMC Modular multilevel converter PCIe Peripheral component interconnect express PF Protection FBSM VBC Voltage balancing control VSC Voltage source converter This work is supported by Natural Sciences and Engineering Research Council (NSERC) of Canada.