Three-level (3L) DC–DC converters are appropriate for high-input-voltage applications. Although the voltage stress of TL converter switches can be reduced to half of the input voltage, the primary side has a large circulating current, which degrades efficiency. In this study, a dual half-bridge cascaded TL converter is presented to reduce this circulating current and thus decrease the conduction loss of the primary circuit. Moreover, the proposed converter can reduce the voltage stress of rectifier diodes, thereby reducing their conduction loss. Therefore, efficiency can be improved by reducing the conduction loss of the primary circuit and rectifier diodes.