This paper proposes a two-stage configuration of AC/DC converter employing load-adaptive link-voltageadjusting technique with load power estimator. The proposed technique helps to maintain high efficiency over all the load condition despite the output voltage varies according to the load power. In addition, since the proposed circuit uses low-loss load power estimator to adjust the output voltage, it can achieve high power density more than 14W/in 3 . Experimental results with 80W notebook computer adaptor are provided to verify the validity of the proposed converter.Index Terms-AC/DC converter, two-stage configuration, output voltage variation.