SUMMARYA non-isolated dual half-bridge large step-down voltage conversion ratio converter with non-pulsating output current, utilizing one coupled inductor, one energy-transferring capacitor, and one output inductor, is presented herein. The coupled inductor is connected between the input voltage and the output inductor and plays a role to step down the input voltage. Furthermore, the output inductor is used not only to further step down the voltage but also to provide a non-pulsating output current. Moreover, the proposed converter can achieve zero-voltage switching. In this study, detailed theoretical deductions and some experimental results of a prototype with 48 V input voltage, 3.3 V output voltage, and 10 A output current are provided to demonstrate the feasibility and effectiveness of the proposed converter.