Firstly, different kinds of power lithium battery pack equalization topologies are compared and analyzed in this paper. Then the energy flow in five cell balancing models is analyzed quantitatively, they are series-based cell-cell, module-based cell-cell, layer-based cell-cell, series-based cell-pack and module-based cell-pack. Finally, according to the topology of module-based cell-cell, the simulation model of eight lithium batteries in series is built. The results show that after 3.2 s, the equalization within the module is completed, after 6.1 s, the equalization among the modules is completed, after 66.5 s, all the eight batteries’ balancing in the battery pack are finished, and their SOC are 100%. It is verified that the module-based cell-cell equalization topology has fast balancing speed and high efficiency.