In this paper, an analysis and hysteretic controller design of a $3^{rd}$ order buck converter is presented. The proposed hysteretic controller consists of an inner current-loop, just like the conventional cascade control scheme, and an outer voltage-loop for load voltage regulation. Although it is possible to include an inner current loop from different branches of the converter, from the feasibility and operational point of view, the load side capacitor current would be the better choice. The addition of an inner current-loop improves the dynamic performance of the converter while preserving the robustness of the hysteretic control. The controller formulation and closed-loop converter performance analysis are validated through computer simulations. Few experimental results of the proposed converter are given and compared with the buck converter.