The paper presents the theoretical analysis way of the switched capacitor converter (SCC). The main goal of this research is to suggest the analysis way of three-phase SCC. A common SCC operates by two phases; charging phase and discharging phase. Therefore, state-space averaging model or slow and fast switching limit (S-FSL) model has been suitable. Although the four-terminal equivalent model can cover all situation including three-phases cases, this model does not include the parameter of frequency and capacitance. Therefore, the four-terminal model has a weakness. In this situation, we selected the Fibonacci sequence SCC operated by three-phase as the target circuit, which topology has been proved to have higher efficiency, small size in the previous research. In the paper, we suggest the new analysis way of the three-phase SCC by combination of the four-terminal equivalent model and RC circuit model from each loop equation of the equivalent circuits of the SCC. By using the suggested way, it is possible to analyze the three-phase SCC, deriving the effect of the load, operation frequency and duty ratio variation. In order to verify the feasibility and the cogency of the suggested analysis way, comparative analysis is implemented by SPICE simulations. The error in the load regulation between the suggested way and the simulation result is negligible. Through this result, we establish the foundation of the analysis of the three-phase SCC.