This paper presents a multi-timescale control strategy to deploy electric vehicle (EV) demand flexibility for simultaneously providing power balancing, grid congestion management, and economic benefits to participating actors. First, an EV charging problem is investigated from consumer, aggregator, and distribution system operator’s perspectives. A hierarchical control architecture (HCA) comprising scheduling, coordinative, and adaptive layers is then designed to realize their coordinative goal. This is realized by integrating multi-time scale controls that work from a day-ahead scheduling up to real-time adaptive control. The performance of the developed method is investigated with high EV penetration in a typical residential distribution grid. The simulation results demonstrate that HCA efficiently utilizes demand flexibility stemming from EVs to solve grid unbalancing and congestions with simultaneous maximization of economic benefits to the participating actors. This is ensured by enabling EV participation in day-ahead, balancing, and regulation markets. For the given network configuration and pricing structure, HCA ensures the EV owners to get paid up to five times the cost they were paying without control.