In order to manage the power quality of railway， a simplified three-level railway power regulator is presented. The regulator consists of two-phase three-wire converter， two step-down transformers and two output inductors. Compared with active power quality compensator（APQC）， this regulator only needs a pair of three-level switch arms， which reduces the switch number and the system cost. Base on the switch control mode analysis， a voltage and current dual-loop control is established. It is composed of an outer loop proportional-integral control and an inner loop deadbeat control. To achieve dynamic balance of the DC-link voltage， a voltage-balanced circuit and its control method are researched. Simulation and experimental results verify the correctness of the proposed structure and the control method.