This paper presents a Finite Control Set-Model Predictive Control (FCS-MPC) strategy for a modified single-phase 17-level Double Flying-Capacitor Multilevel (DFCM) converter. The proposed approach integrates current regulation, capacitor voltage balancing, switching frequency reduction, delay compensation, and FPGA-based real-time implementation within a unified predictive control framework. A multi-objective cost function exploits the converter’s redundant switching states to achieve accurate control while reducing computational burden. Additionally, the converter topology provides voltage-boosting capability without requiring an additional DC-DC stage. The proposed controller was validated through offline and Hardware-in-the-Loop (HIL) simulations. Simulation results demonstrate robust operation, effective capacitor voltage balancing, and excellent current quality, achieving a THD of 0.7%.