There is an increasing need of low ripple power supplies to eliminate high power losses, unpredictable temperature rise and increase the life of electrolytic capacitors used in the circuit. This paper presents an Interleaved Buck Converter (IBC) with low output current ripple using Model Predictive Control (MPC) algorithm. Interleaved Buck Converters are multiphase dc-dc converters. Model Predictive Control uses the mathematical model of the converter to minimize the objective function over a finite prediction horizon to track the reference voltage and current. Simulation is carried out in MATLAB and results are provided for the proposed topology. The results indicate that controlling of IBC switches using MPC provides low output current ripple even with normal filter values.