As the indispensable interface circuit, power electronic transformer (PET) connects distributed generation with the main grid. The complex connection form between modules and small simulation step lead to low simulation efficiency. Meanwhile, with the frequency of high-frequency transformer increasing, the influence of dead-time effect is growing. Therefore, an average value model considering dead-time effect is proposed for cascaded H-bridge (CHB) type PET with dual active bridge (DAB) structure. The detailed and average value model of PET are built on PSCAD/EMTDC, and the simulation results show that the proposed model has high accuracy and operation efficiency.