In this paper, a LLC DCX + cascaded buck based two-stage DC/DC converter is proposed and designed for PD3.1 application. A design guideline for cascaded buck considering specifications of PD3.1 is given. For DCX, a transformer design methodology considering real application issues is proposed, including the magnetic material maximum flux density. Finally, a prototype is built to verify the design, and achieves 97% efficiency under 48V output voltage and full load condition.