Power electronic transformers(PET) are the key energy conversion equipment in the operation of modern smart grids, the main function of PET is to achieve the conversion of AC voltage to AC voltage, while taking into account the DC ports. This article mainly studies three-stage power electronic transformers based on three-phase uncontrolled rectifier, full-bridge isolated DC-DC converter and three-phase inverter. The operation mechanism and actual working process of the three parts of the PET are analyzed respectively, and the transformer is simulated and analyzed based on the Matlab/Simulink simulation platform. The rectifier converts the AC voltage on the grid side into a rippled DC voltage; the DC-DC converter transforms the obtained DC voltage, taking into account the access of the DC ports; the inverter converts the obtained DC voltage into AC voltage through unipolar modulation and connects to the grid. The experimental results show that the PET constructed in this way can operate safely and stably, which has good voltage conversion and electrical isolation functions, and can be connected to DC loads.