Recently, PWM Buck AC-AC Converter is widely employed in various industrial applications such as voltage and power regulator, electronic transformer, phase shifter and so on. This paper presents static and dynamic modeling and complete characteristic analysis of a PWM Buck AC-AC converter. Firstly, the three phase converter system is modelled by using DQ transformation whereby we can obtain basic characteristic equations such as voltage gain and power factor as well as state equation and transfer function for control. Secondly, based on the analysis, the feedforward-feedback control technique is also proposed to obtain instantaneous duty level change whereby very fast dynamic response is achieved. Finally, the experimental results show the validity of the modeling, analysis and control.