The rapidly growing demand for electric power systems in electric vehicles (EVs) and hybrid electric vehicles (HEVs) require simpler, cost-effective, and higher performance components. In this paper, a novel power conversion system for hybrid electric vehicles is proposed for these needs. The proposed power conversion system reduces the conversion system cost while preserving same functionality. The proposed power conversion system can boost multi-sources to drive a traction motor and to store energy at the same time reducing number of switching components. In this paper, all operational modes of the proposed converter are explained in detail and verified by a computer simulation first. Then, the topology and operational modes are experimentally verified. Based on the results, the feasibility of the proposed multi-mode single leg power conversion system for EV and HEV applications is discussed.