A novel nonlinear optical loop mirror (NOLM) with a nonreciprocal phase shift bias (NPSB), called power equalization NOLM (PE-NOLM), is proposed for reducing the power fluctuation of pulse trains. NPSB provides part of the nonreciprocal phase difference so that the required input power is reduced, and nonsymmetrical coupling ratio of coupler can adjust the transmission curve to improve the equalization range. It has been shown theoretically that compared with earlier PE-NOLM, about 1.6 dB of equalization power reduction and about 2.2 dB of equalization range enhancement could be achieved. Experiments have demonstrated that the output power fluctuation is reduced to less than 0.4 dB, while the required input peak power range is 4.5 dBm (15.6-20.1 dBm).