A new three-level DC/DC converter is proposed in the paper. The outstanding feature of this converter is that it operates with ZVS from full-load to no-load conditions with hardly any circulating freewheeling primary current due to its novel structure. Since the converter has no circulating current and its switches are exposed to only half the input voltage, it has high efficiency even when operating under light load conditions. In the paper, the new converter is introduced, its basic operating principles are explained, its modes of operation and its steadystate characteristics are discussed in detail as is its design, and experimental results obtained from a prototype converter that confirm its feasibility are presented.