This paper proposes a high efficiency power conversion system for battery-ultracapacitor hybrid energy storages. The proposed system has only one bidirectional dc-dc converter for hybrid power source with batteries and ultracapacitors. The hybrid power source has bidirectional switching circuits for selecting one energy storage device. Bidirectional power flow between the energy storage device and high voltage capacitor can be controlled by one bidirectional converter. An asymmetrical switching method is applied to the bidirectional converter for high power efficiency. Switching power losses are reduced by zero-voltage switching of power switches. System operation and design considerations are presented. The experimental results are provided to verify the performance of the proposed system.