This paper proposes a new interleaved flyback topology based on hysteretic control. The output current ripple can be reduced with the interleaved structure, and both switches can achieve Zero-voltage-switching (ZVS). Besides, the energy of leakage inductance can be fully recycled, which will improve the efficiency of the converter. The topology is based on hysteresis control; with this control scheme, there is no error amplifier and compensation network, and it can achieve excellent steady-state performance. The detailed operation principle and steady-state analysis are presented. Finally, the analyses above are verified by simulation.