Two-stage Power-Factor-Correction (PFC) converters are the most common circuits for drawing sinusoidal and in phase current waveforms from an ac source with a good regulated output voltage. The first stage is a boost PFC converter with average-current-mode control for achieving the near-unity power factor and the second stage is a forward converter with voltage-mode control to regulate the output voltage. Stability analysis and design methods of two-stage PFC converters have previously been discussed using linear models. Recently, new nonlinear phenomena have been detected in pre-regulator boost PFC circuits and a new nonlinear model has been proposed for pre-regulated PFC converters. Therefore, investigation of two-stage PFC converters from the nonlinear viewpoint becomes important because the second stage DC/DC converter adds more complexity to the circuit. So, this paper introduces a study of the stability of two-stage PFC converters. A novel nonlinear model of two-stage PFC converters is proposed. Then, a stability analysis is made based upon this nonlinear model. The high correspondence between the simulated and experimental results confirms our analysis.