This letter proposes a phase-shifted pulse-width modulation (PS-PWM) technique for the flying capacitor (FC) multilevel converter that improves the quality of the line-to-line voltages. In traditional PS-PWM, the line-to-line voltages include intervals that switch between nonadjacent voltage levels, which deteriorates the harmonic performance. The proposed PS-PWM constantly achieves line-to-line voltages with switching transitions between two adjacent levels. The proposed modulation technique is implemented using two sets of n evenly phase-shifted carriers that are alternatively applied depending on the instantaneous value of the reference signal of each phase-leg. Furthermore, it can be implemented in FC multilevel converters with any number of levels while maintaining natural capacitor voltage balance. Experimental results from a four-level FC converter prototype are presented.