A voltage-balanced phase-shifted three-level dc/dc converter is proposed. Its switch voltage stress is ensured to be only one-half of the input voltage and its four-step operation can reduce considerably the output inductor current ripple. Moreover, it features a small filter, no voltage unbalance problem, static/dynamic sharing of the switch voltage, high-efficiency, and high-power density. It is very suitable for high power converters operating from a high-input voltage.