This paper presents a bidirectional converter with multi-stage FETs featuring voltage balance control function using variable capacitors. The proposed converter is constructed using low-voltage Si-FETs in a series connection, and it improves the voltage balance between the drain-source voltages of the series connected FETs in the OFF period. Using the converter figure of merit (FOM), which can estimate the converter losses from the specifications of the FETs, the effectiveness of the proposed converter is compared to that of a converter using SiC-FETs. The factors of the voltage unbalance are analytically clarified using the equivalent circuit. The principle of voltage balance control function using the variable capacitor is discussed. The experimental results show that the proposed converter can achieve a maximum power conversion efficiency of 99.2%.