Under high voltage scenarios, insulated gate bipolar transistors (IGBTs) need to be connected in series to satisfy the voltage requirements. Due to the performance difference inside the device and the inconsistent peripheral circuit parameters, the voltage imbalance between IGBT modules will be caused, thereby endangering their operation safety. In this paper, the development of voltage balancing methods for series-connected IGBTs at home and abroad and their research status are reviewed. According to different voltage balancing control mechanisms, the voltage balancing methods for series-connected IGBTs are divided into two types, i.e., active and passive. Moreover, the former is classified into reactive and active control methods. According to the basic circuit topology of various methods, the principle of voltage balancing is analyzed, and the optimization and latest progress of different methods are summarized from aspects such as circuit topology, parameter selection, and control strategy. By comparing different voltage balancing methods in terms of voltage balancing effect, additional loss, and reliability, it can be seen that the passive voltage balancing method has a simple topology and does not need any additional control circuit, which is more suitable for low-frequency application scenarios. In high-frequency application scenarios, the quasi-active gate control method combines single drive with passive devices, which has a good development prospect. Finally, the voltage balancing methods for series-connected IGBTs are prospected.