A system (10) and method (100) for charge and discharge equalization of a lithium-ion battery having a plurality of cells (12) in series. A central charge controller (16) and a central discharge controller (22) command a rate of charge to individual charge controllers (14) associated with each cell (12) of the battery for maintaining equalized charge at each cell (12) of the battery. The charging and discharging is initiated upon sensing a predetermined maximum charge threshold voltage (104) and a predetermined minimum discharge threshold voltage (114) at each cell in the series of cells.