A high step-down multiple-output LED driver is proposed in this paper. Firstly, the derivation of the driver with dual-output is presented and its operation principle and steady state performance are analyzed in detail. Secondly, a high step-down N-channel LED driver is proposed and its current auto-balance characteristic and step-down ratio are analyzed. Finally, an experimental prototype is built and the experimental results are given. The theoretical analysis and experimental results show that the proposed driver has the following virtues: First, if load balancing is achieved, the voltage gain is 1/N that of a Buck driver, where N is the number of channels. Second, each output automatically has an equal output current, without requiring more current close-loop control circuits than a Buck driver. Last, the voltage stresses of the switches and diodes are lower than those of a Buck driver, meaning that lower voltage switches and diodes can be used, and a higher efficiency can be expected.