In this study, the proposed configuration of input-series-output-parallel (ISOP) AC–DC–DC converter consists of a cascaded H-bridge (CHB) rectifier in the AC/DC stage and a parallel DC–DC converter in the DC/DC stage. This study reveals the relationship between input voltage sharing (IVS) and output current sharing (OCS) among the constituent modules. The factors causing DC-link voltage unbalance among series units in CHB rectifier are studied in detail. With the proposed operation method, the power balance including IVS, DC-link voltage balance and OCS can be achieved. In addition, the converter can always operate under a unity power factor with low-distortion grid current. The experimental results are presented to demonstrate the validity and features of the proposed operation method.