The current-fed DC-DC converter has only one energy storage reactor in series with the input for any number of outputs and is insensitive to transformer volt-second unbalance. It is considered that these properties of the converter are considerable advantages over other maltiple-output circuits. The steady-state and dynamic characteristic and stability for the current-fed DC-DC con-verter are analyzed in detail. The analysis is carried out by the state-space averaging method for the operation with the duty ratio less than 50% and is confirmed by the experiment. From the evaluation of stability it is identified that the stability of this converter is excellent as compared with that of the conventional buck type converter.