The invention relates to a cascade two-way DC-DC converter, composed of two parts: nonisolated two-way DC-DC converter and high-frequency DC transformer, where the former includes circuittopologies such as two-way boost, two-way buck, two-way boost-buck, etc. and the latter is composed of high-frequency inverter / rectifier, high-frequency transformer, and high-frequency rectifier / inverter unit, where the first and fourth ones include push-pull circuit, half-bridge circuit, full-bridge circuit, push-pull forward circuit, double-tube forward circuit, active clamped forward circuit, nonsymmetrical half-bridge circuit, and other circuits. It implements two-way energy flow and electrical isolation, where all its switch tubes are zero-voltage switches, and has the advantage of relatively independent two parts, convenience for control, high conversion efficiency and power density, and simple circuit structure, etc.