In order to detect the underground medium with large depth, the transmitter of electromagnetic sounding instrument has higher and higher power and voltage. A novel voltage equalizing strategy for cascaded constant current power supply using in electromagnetic transmitter was proposed in this paper. The cascaded topology of the transmitter has two isolated full‐bridge AC/DC converters, which had same input source and were connected in series on the output side. The mathematical model based on state space average method was analyzed. After simplifying the circuit, the state space equation was used to describe the circuit model. The stability and frequency characteristics of the system were analyzed. Aiming at the constant current output and the output voltage balance of the two converters, the system coupling model was established. The constant current controller and voltage equalizing controller were designed with decoupling method. A 300 W prototype was built and the experimental results verified the performance of the proposed method. © 2024 Institute of Electrical Engineer of Japan and Wiley Periodicals LLC.