The acceleration grid power supply (AGPS) is an important part of the neutral beam injector (NBI) system. With the increase in NBI power, the requirement for output voltage of the AGPS is becoming higher and higher, even reaching to 1000 kV. As the inverter-type high voltage power supply uses inverters located at the lower voltage side to regulate and cut off the output voltage, it is very suitable for high-voltage applications. The proposed scheme for the AGPS of the International Thermonuclear Experimental Reactor (ITER) NBI system comprises five stages, where each stage has an inverter-type power supply with an output voltage of 200 kV. This paper investigates the inverter-type power supply based on neutral point clamped three-phase three-level (TPTL) inverter and three-phase step-up transformer, which is equivalent to an insulated TPTL dc-dc converter connected with a dual dc link. In order to design a preferable controller for the inverter-type power supply, the topology and principles of the TPTL dc-dc converter with duty cycle modulation have been analyzed. It indicates that only when the converter operates at a large duty cycle, the output voltage ripple can be limited to +/- 5%. Hence, the small signal model of the converter at a duty cycle larger than 2/3 is established. Following the mathematical model, a single-loop PID controller has been designed and a 400 V/6 A prototype has been built. Simulation and experimental results verify the correctness of the theoretical analysis. The system achieves a lower output voltage ripple and fast dynamic response.