A new transformerless buck–boost converter with simple structure is proposed in this study. Compared with the traditional buck–boost converter, the proposed buck–boost converter’s voltage gain is squared times of the former’s and its output voltage polarity is positive. These advantages enable it to work in a wider range of positive output. The two power switches of the proposed buck– boost converter operate synchronously. In the continuous conduction mode (CCM), two inductors are magnetized and two capacitors are discharged during the switch-on period, while two inductors are demagnetized and two capacitors are charged during the switch-off period. The operating principles, the steady-state analyses, and the small-signal model for the proposed buck–boost converter operating in CCM are presented in detail. The power electronics simulator (PSIM) and the circuit experiments are provided to validate the effectiveness of the proposed buck–boost converter.