A three-level multi-input DC/DC converter is proposed to solve the problems of complex interface circuit structure and high economic cost for multi-source access to the joint power supply distribution system. In this structure, multiple dc sources are integrated into a three-level DC/DC converter. In comparison with the two-stage counterpart, two active switches and boost diodes are eliminated, while two blocking diodes are added to block the reverse current from the dc-link capacitors. In addition, when the input inductors work in the discontinuous conduction mode, power sharing among different input sources can be achieved by properly selecting the inductance value. The working principle of the converter is analyzed by introducing nine working modes in detail and deriving the steady-state relationship expressions. The parameter range of the element is determined and the design process of a group of dynamic parameter values is shown. Finally, the power electronics real-time simulation platform is built based on StarSim HIL and the corresponding experimental waveforms are given to verify the topology and analysis.