The main objective of this article is to propose a rational methodology for designing multi-phase step-down DC-DC converters, which can find applications both in engineering practice and in power electronics education. This study discusses the main types of losses in the multi-phase synchronous buck converter circuit (transistors’ conduction losses, high-side MOSFET’s switching losses, reverse recovery losses in the body diode, dead time losses, output capacitance losses in the MOSFETs, gate charge losses in MOSFETs, conduction losses in the inductor, and losses in the input and output capacitors) and provides analytical dependencies for their calculation. Based on the control examples for applications characterized by low voltage and high output current, the multi-phase buck converter’s output and input current ripples are analyzed and compared analytically and graphically (3D plots). Furthermore, graphical results of the converter efficiency at different numbers of phases (N = 2, 4, 6, 8, and 12) are presented. An analysis of the impact of various parameters on power losses is conducted. Thus, a discussion on assessing the factors influencing the selection of the number of phases in the multi-phase synchronous buck converter is presented. The proposed systematized approach, which offers a fast and accurate method for calculating power losses and overall converter efficiency, reduces the need for extensive preliminary computational procedures and achieves optimized solutions. Simulation results for investigating power losses in 8-phase multi-phase synchronous buck converters are also presented. The relative error between analytical and simulation results does not exceed 4%.