This paper proposed a new two‐phase high step‐down DC–DC converter is proposed. This converter is derived from the two‐phase series‐capacitor converter. The proposed converter replaces the series capacitor with a new structure that integrates Valley‐Fill circuit and coupled‐inductors concepts. This replacement can improve the voltage gain of the converter as well as a considerable reduction of diodes voltage stress. The proposed structure implements a dual‐phase buck using a single magnetic element. Also, the proposed structure inherently limits the voltage spikes due to the leakage inductance of coupled inductors without any additional clamp circuit. The proposed converter is analyzed, and design guidelines are provided. A 300–24 V prototype converter is implemented to justify the validity of circuit operation and the theoretical analysis.