The rapid development of modern communication systems propels the demand of high performance and miniaturization of RF/microwave components. Power dividers and filters are indispensable circuit components in amplifiers and antenna feed-networks which occupy large footprint of circuit broads, particularly at low frequency. The purpose of this study is to initiate a new type of planar transmission line with unique dual signal-path characteristics and ultimately achieve circuit miniaturization. In this paper, a novel technique of consolidating microstrip lines (MLs) and coplanar waveguide (CPW) lines on a single dielectric substrate, designated as the composite microstrip/CPW line (CM/CPW line), is proposed. With reference to the average line length of ML and CPW, it warrants a physical length reduction of 48.3% and further achieves a reduction of 80.8% after zigzagging CM/CPW line. The proof-of-concept design example of a two-way Wilkinson power divider (WPD) has demonstrated the effectiveness of the miniaturization technique. The simulation, in combination with the experimental results, validates that a size reduction factor of 86.9% when compared to conventional one has been achieved while maintaining a fractional bandwidth of 57.7% for the WPD.