Three Level Dual Active Half Bridge (TL-DAHB) is a type of DC/DC converter that has a wide range of applications in electric vehicles and energy storage systems. To obtain the desired output voltage, it is essential to design and control the model appropriately. This paper proposes a method to balance the midpoint voltage using a flying capacitor firstly. Next, it analyzes the operating modes of the converter under SPS modulation in different time intervals and derives the mathematical expressions for the current stress, phase-shift duty cycle, and output voltage. Finally, it uses Simulink to model the system and implements a closed-loop voltage control with a PI controller. The simulation results verify the effectiveness and accuracy of the model.