The static and dynamic characteristics of buck-type three-phase pulse-width-modulation (PWM) rectifier are fully analyzed based on the dc and ac circuit models developed by the circuit DQ transformation. Various static converter characteristics such as gain, real and reactive power, power factor, and unity power factor conditions are completely analyzed. Transition characteristics are also analyzed by both exact small-signal model with full set of equations and simplified output model in explicit form. The usefulness of the models is verified through computer simulations and experiments with good agreements.