A conventional phase-shifted full-bridge (PSFB) converter is one of the most promising topologies in high-efficiency and high-power applications because of its small RMS current, inherent zero-voltage switching capability, and clamped voltage stress of the primary switches. However, when the PSFB converter operates with a small duty ratio, a large freewheeling current of an output inductor flows in the primary side, and it causes a large circulating current. In addition, it has a large voltage stress in the rectifier diodes due to a voltage ringing between parasitic components. To solve these problems, a new PSFB converter with a coupled inductor rectifier (CIR) is proposed in this paper. By adopting the CIR structure in the PSFB converter instead of the full-bridge rectifier, the proposed converter eliminates the freewheeling current in the primary side, which significantly reduces the primary circulating current. In addition, the two rectifier diodes of the CIR do not have voltage ringing. As a result, the proposed converter not only reduces the conduction loss in the primary side, but can also use two diodes in the rectifier with a low voltage rating. The effectiveness and feasibility were verified with a 320-400 V input and 56-V/12.8-A output prototype.