This paper investigates analytical models of Conduction and Switching Losses (CASLs) of a matrix-Z-source converter (MZC). Two analytical models of the CASLs are obtained through the examination of operating principles for a Z-source inverter and ac-dc matrix converter respectively. Based on the two models, the analytical model of CASLs for a MZC is constructed and visualized over a range of exemplified operating- points, each of which is defined by the combination of power factor (pt) and modulation index (M). The model provides a measurable way to approximate the total losses of the MZC.