A compact and high-efficiency power converter is the main business of today’s power industry for server power applications. To achieve high efficiency with a low-output ripple, an interleaved phase-shift full-bridge (PSFB) converter is designed, built, and tested for server power applications in this study. In this paper, dynamic dead time control is proposed to reduce the switching loss in the light load condition. The proposed technique reduces the turn-off switching loss and allows a wide range of zero-voltage switching. Moreover, the current ripple of the output inductor can be reduced with the interleaved operation. To verify the theoretical analysis, the proposed PSFB converter is simulated, and a 3 kW prototype is constructed. The experimental results confirm that the conversion efficiency is as high as 97.2% at the rated power of 3 kW and 92.95% at the light load of 300 W. The experimental transient waveforms demonstrated that the voltage spike or drop is less than 2 V in the fast-fluctuating load conditions from 0% load to 60% load and 40% load to 100% load.