In this study, an isolated three-level DC-DC converter is proposed for high power and high conversion ratio applications such as fuel cells. The proposed system consists of a single phase three-level inverter, a medium frequency transformer and a diode rectifier unit. In the proposed system, a DC supply voltage is converted to a medium frequency AC voltage via a three-level inverter instead of the conventional two-level inverter. Since the three level inverter generates an AC waveform with multiple steps, lower voltage harmonics and lower EMI levels than conventional two-level inverter are achieved. Thus, the three level inverter provides higher efficiency value. The medium frequency transformer enables high voltage conversion ratio and provides galvanic isolation as well. The output voltage of the medium frequency transformer is converted to the DC voltage and thus the DC-DC conversion is achieved. According to simulation and experimental results, it is seen that the proposed DC-DC converter structure provides higher power density and higher efficiency values than conventional system. (C) 2017 Hydrogen Energy Publications LLC. Published by Elsevier Ltd. All rights reserved.