In this paper, a multifunctional three-phase electronic step-down transformer with output voltage stabilization characteristics is presented for custom power applications. The proposed electronic transformer has some advantages and features as follows: 1) It has 40 % weights lighter than that of commercial magnetic transformer, 2) It has output voltage stabilization characteristic with regulated output voltage over input variations, 3) It cab be operated as circuit breaker in the case of emergency, 4) It can be operated with so called soft starting function. Moreover, the electronic transformer may have stand-by power cutoff function and act as distortion compensator. This paper show the circuit diagram and present its features through various PSPICE simulations.