In inductive power transfer (IPT) applications, minimum supply VA rating and converter conduction loss are two important design objectives. The LCL resonant converter can achieve both of these objectives when designed appropriately. In this paper, the LCL resonant tank is transformed into two LC resonant networks; then, the unity power factor compensation parameter—which minimizes supply VA rating—and the current amplification compensation parameter—which minimizes conduction loss—are designed in two independent steps. Furthermore, the bifurcation phenomena (multiple primary zero-phase-angle frequencies) of the system are analyzed, and the necessary parameter criteria for achieving quasi-sinusoidal converter current are obtained. Finally, the system’s power transfer capability and efficiency calculation method are presented. Simulation and experimental results have verified the theoretical predictions.