The voltage and current ripples in the three-level bi-directional converter (TLBC) can be reduced by an interleaving technique that controls a phase difference between the modules of power converter. On the other hand, the inductor current ripple in TLBC is increased due to the circulating current between the modules. In this paper, the effects of two interleaving methods on a two-phase TLBC, Z-type and N-type, are investigated and compared. In particular, capacitor current ripple, and voltage ripple are compared by two interleaving methods verified through Powersim (PSIM) simulation.