This paper presents a new phase-shifted full-bridge topology using a new variable inductor. In this topology, a variable inductor is connected in parallel with a near-ideal transformer. The ZVS of the switches is achieved over the full load range using the parallel current provided by the variable inductor. And the adjustable parallel current reduces conduction losses. Under the orthogonal DC magnetic potential, the variable inductor has similar characteristics to the saturated inductor, which is beneficial to reduce the conduction loss caused by the parallel current. Since the topology has no series inductor and the leakage inductor is extremely small, the proposed converter has the advantages of extremely small duty cycle loss, larger transformer turns ratio, smaller primary current stress, smaller secondary voltage stress, and smaller output current ripple, which are beneficial to improve the efficiency and frequency of the converter. An experimental platform was established. Theoretical analysis and experimental verification were carried out.