A novel DC–DC converter with switched capacitor is proposed to satisfy the requirements of fuel cell vehicles for DC–DC converter in terms of step-up ratio, efficiency, and voltage stress. The proposed converter has the advantages of high step-up ratio, low voltage stress of each device, the common ground, high efficiency, and small size. It is compared with other converters in the above aspects. The dynamic model of the proposed converter can be obtained on the basis of the small-signal modeling method and the state space average method. Experimental results show that the proposed converter has a high step-up ratio under a nonextreme duty cycle state, and the highest efficiency is 94.25%. Compared with the dual-switch boost converter, the proposed converter has certain advantages in terms of step-up ratio, component voltage stress, and efficiency. Consequently, it is more suitable for the powertrain of fuel cell vehicles.