A balanced graph is a bipartite graph with no induced circuit of length 2 (mod 4). These graphs arise in linear programming. We focus on graph-algebraic properties of balanced graphs to prove a complete classification of balanced Cayley graphs on abelian groups. Moreover, in Section 5 of this paper, we prove that there is no cubic balanced planar graph. Finally, some remarkable conjectures for balanced regular graphs are also presented. Key words: Cayley graph, balanced graph