The Zeta converter is an essential and widely used high-order converter. The current modeling studies on Zeta converters are based on the model that devices, such as capacitors and inductors, are of integer order. For this reason, this paper takes the Zeta converter as the research object and conducts an in-depth study on its fractional-order modeling. However, the existing modeling and analysis methods have high computational complexity, the analytical solutions of system variables are tedious, and it is difficult to describe the ripple changes of state variables. This paper combines the principle of harmonic balance with the equivalent small parameter method (ESPM); the approximate analytic steady-state solution of the state variable can be obtained in only three iterative steps in the whole solving process. The DC components and ripples of the state variables obtained by the proposed method were compared with those obtained by the Oustaloup’s filter-based approximation method; the symbolic period results obtained by ESPM had sufficient precision because they included more combinations of higher harmonics. Finally, the influence of fractional order on harmonics were analyzed. The obtained results show that the proposed method has the advantage of being less computational and easily describing changes in the ripple of the state variables. The simulation results are provided for validity of the theoretical analysis.