This paper proposes a zero-voltage-switching (ZVS) pulse-width modulation (PWM) hybrid full-bridge three-level converter, which has a three-level leg and a two-level leg. The switches of the three-level leg sustain only the half of the input voltage, and they can realize ZVS in a wide load range. The switches of the two-level leg sustain the input voltage, and they can realize ZVS with the use of the resonant inductance. The secondary rectified voltage is a three-level waveform having lower high-frequency content compared with that of the traditional full-bridge converters, which can reduce the output filter, and as a result, the dynamic response of the converter is improved. The voltage stress of the rectifier diode is reduced also. The input current of the converter has quite little ripple, so the input filter can also be significantly reduced. The operation principle of the proposed converter is analyzed and verified by the experimental results.