A dynamical model is proposed and the corresponding characteristic aligns are derived for voltage-mode bi-frequency controlled switching converter operating in discontinuous conduction mode. According to the dynamical model, the border-collision bifurcation and multi-period behaviors, such as period-2, period-3, period-4, and so on, are studied using bifurcation diagrams as the circuit parameters are varied. It is found that the converter behaves along the bifurcation route of period-1, multi-period, and period-1, and the change of period state is induced by border-collision bifurcation. Based on the characteristic equation, the converter stability is investigated by the Lyapunov exponent. It is shown that Lyapunov exponent is always smaller than zero with the variation of circuit parameters and the converter operates in stable period state all the time. Also, it is validated that period-3 behavior of voltage-mode bi-frequency controlled switching converter does not predicate its inevitable chaos. Time-domain waveforms, phase portraits, and frequency spectra of voltage-mode bi-frequency controlled switching converter are analyzed by circuit simulation, which validates the feasibility of dynamical model and the correctness of theoretical analysis. Simulation results are verified by experiments in this paper.