A single-ended primary-inductor converter (SEPIC) features low input current ripple and output voltage up/down capability. However, the switching devices in a two-level SEPIC suffer from high voltage stresses and switching losses. To cope with this drawback, this study proposes a three-level SEPIC that uses a low voltage-rated switch and thus achieves better switching performance compared with the two-level SEPIC. The three-level SEPIC can reduce switch voltage stresses and switching losses. The converter operation and control method are described in this work. The experimental results for a 500 W prototype converter are also discussed. Experimental results show that unlike the two-level SEPIC, the three-level SEPIC achieves improved power efficiency with balanced capacitor voltages.