Abstract: The traditional multilevel voltage-balancing DC-DC converters（MVBDC） have the common problem of low efficiency because of the multistage transferring power, which limits its high power application. Therefore, a highefficiency MVBDC（H-MVBDC） was proposed in this paper, which helps shorten energy transfer path and reduce power loss. Based on the analysis of topology, principle and soft-switching characteristics of H-MVBDC, the comparisons of the switch currents, switch voltages, output voltage error and efficiency between H-MVBDC and MVBDC were discussed in this paper detailedly. Finally, the simulation model and the experimental platform were built to verify the theoretical analysis. All the results show that H-MVBDC improves the efficiency, and decrease the current stress of switches and the output voltage error effectively.