The invention provides a modularized H-bridge cascade multilevel mutual-balance power electronic transformer. Power electronic devices are formed on the basis of IGBTs, the power electronic transformer can achieve four-quadrant controlled operation through an effective control strategy, two-way power flow control can be performed, a H-bridge cascade multilevel modularized structure is adopted for a main circuit, large-scale modularized production is facilitated, actual high-voltage class application can be performed, the harmonic content of output voltage is lower, the switching frequency of the power electronic devices is low, loss is lower, and the voltage-sharing problem is avoided. The system structure of the modularized H-bridge cascade multilevel mutual-balance power electronic transformer is in an AC/DC/AC mode, the high-voltage stage, the isolation stage and the low-voltage stage are achieved, and while the voltage transformation function, the isolation function, the energy transmission function and the like of a conventional transformer are completed, the power flow control and the function of control over the quality of electric energy can be completed.