This paper presents a novel dc-link voltage regulation technique for a hybrid inverter system formed by cascading two 3-level inverters. The two inverters are named as “bulk inverter” and “conditioning inverter”. For the hybrid system to act as a nine level inverter, conditioning inverter dc link voltage should be maintained at one third of the bulk inverter dc link voltage. Since the conditioning inverter is energized by two series connected capacitors, dc-link voltage regulation should be carried out by controlling the capacitor charging/discharging times. A detailed analysis of conditioning inverter capacitor charging/discharging process and a simplified general rule, derived from the analysis, are presented in this paper. Time domain simulations were carried out to demonstrate efficacy of the proposed method on regulating the conditioning inverter dc-link voltage under various operating conditions.