This thesis provides insight into state-of-the-art Modular Multilevel Converters (MMC) for medium and high voltage applications. Modular Multilevel Converters have increased in interest in many industrial applications, as they offer the following advantages: modularity, scalability, reliability, distributed location of capacitors, etc. In this study, the modeling, control and design considerations of modular based multilevel converters, with an emphasis on the reliability of the converter, is carried out. Both modular multilevel converters with half-bridge and full-bridge sub-modules are evaluated in order to provide a complete analysis of the converter. From among the family of modular based hybrid multilevel converters, the newly released Alternate Arm Converter (AAC) is considered for further assessment in this study. Thus, the modular multilevel converter with half-bridge and full-bridge power cells and the Alternate Arm Converter as a commercialized hybrid structure of this family are the main areas of study in this thesis. Finally, the DC fault analysis as one of the main issues related to conventional VSC converters is assessed for Modular Multilevel Converters (MMC) and the DC fault ride-through capability and DC fault current blocking ability is illustrated in both the Modular Multilevel Converter with Full-Bridge (FB) power cells and in the Alternate Arm Converter (AAC). Accordingly, the DC fault control scheme employed in the converter and the operation of the converter under the fault control scheme are explained. The main contributions of this study are as follows: The new D-Q model for the MMC is proposed for use in the design of the inner and outer loop control. The extended control scheme from the modular multilevel converter is employed to control the Alternate Arm Converters. A practical reliability-oriented sub-module capacitor bank design is described based on different reliability modeling tools. A Zero Current Switching (ZCS) scheme of the Alternate Arm Converter is presented in order to reduce the switching losses of the Director Switches (DS) and, accordingly, to implement the ZCS, a design procedure for the Arm inductor in the AAC is proposed. The capacitor voltage waveform is extracted analytically in different load power factors and the waveforms are verified by simulation results. A reliability-oriented switching frequency analysis for the modular multilevel converters is carried out to evaluate the effect of the switching frequency on the MMC's operation. For the latter, a DC fault analysis for the MMC with Full-Bridge (FB) power cells and the AAC is performed and a DC fault control scheme is employed to provide the capacitor voltage control and DC fault current limit, and is illustrated herein. / Master of Science