Due to the flybacks' indirect characteristic of energy transfer, the transformer size increases for high power levels. Providing an additional direct energy transfer path can decrease its size. Parallel forward-flyback converters offer such functionality and outperform forward converters with regard to PFC functionality. A balanced forward-flyback converter is a variation on this kind of parallel converter. The forward and flyback sub-converters share a transformer winding and an additional balancing capacitor enables even better AC line voltage utilization. This paper starts with an in-depth analysis of the balanced forward-flyback converter, and introduces ten operating modes in which this converter can operate. A boundary-conduction mode (BCM) controller for the magnetization current is developed and presented, and through simulations the PFC performance of the converter is tested with a constant switch on-time controller. Moreover, a prototype is designed and built with both a dissipative R-C-D snubber and two-switch clamp configuration. Experimental results from the 100W/120–373V AC/DC prototype were obtained to prove the converter operation and BCM controller concept. The balanced forward-flyback converter in BCM offers good PFC performance and manages a THD of input current between 1.69% and 4.38%.