This paper proposes a Carrier-Rotation (CR) PWM technique that is a new solution for the voltage unbalancing problem of flying capacitors in the Flying Capacitor Multi-level Inverter (FCMI). The proposed technique equalizes the utilization of phase leg voltage redundancies corresponding to the charging and the discharging state of individual flying capacitors during each switching period of all the switches. Therefore, the charging and the discharging quantity of flying capacitors are equal, which makes the average variation of flying capacitor voltages become zero and keeps their voltage stable during minimum specified period. It also has the reduced harmonic contents of output voltage and the same switch utilization since all the carrier signals are in phase and the switching frequency of each switch is identical. The proposed technique is analyzed precisely in flying capacitor 3-level inverter and then it has expanded to the FCMI (N-level, N>3). Experimental results on the laboratory prototype flying capacitor 3-level inverter confirm the validity of the proposed technique.