This paper presents an analysis method of a forward converter, using both the finite element method considering the external circuit and a state variables equation. The converter operates at 50kHz and its one period is divided into two modes for the simplicity of the analysis. In the first mode, the switching transistor turns on and an input power is transferred into the load by the electromagnetic conversion action of a ferrite transformer. In the second mode, the switching transistor turns off and the stored energy in an inductor is delivered to the load, and the transformer core is demagnetized by the reset winding current. In this paper, time-stepping finite element method taking into account the on-state electrical circuit of the converter in used to analyze both the electrical circuit and electromagnetic field of the magnetic device during the first mode and the demagnetization period of the transformer core. Then a state variables equation for the circuit which the inductor current flows is constituted and solved during the second mode. As a result, the simulation results have been good agreement with the results obtained form experiment.