This paper proposed a new hybrid converter with SiC power transistor for 400 V-to-48 V power conversion. The hybrid converter is based upon mixed and series concept from traditional forward and flyback topology, where the flyback output is inserted at the input side and in series with the primary winding. High DC conversion gain, full usage of the transformer energy, DCX operation and simple output regulation are the main merits of the proposed topology. The resonant network at the secondary stage brings zero current switching and therefore, high switching frequency can be adopted to obtain smaller passive devices. A compact three-winding transformer with well-designed leakage inductance as resonant inductor is employed to further improve power density. A 400 V-to-48 V DC/DC converter with 10 A output current is implemented to demonstrate the concept.