This paper proposes a high efficiency step-down flyback converter using a coaxial-cable coupled-inductor which has a higher primary-secondary flux linkage than sandwich winding transformers. The structure of the two-winding coaxial cable transformer is described, and the coupling coefficient of the coaxial cable transformer and that of a sandwich winding transformer are compared. A circuit model of the proposed transformer is also obtained from the frequency-response curves of the secondary short-circuit and of the secondary open-circuit. Finally, the performance of the proposed transformer is validated by the experimental results from a 35W single-output flyback converter prototype. In addition, the proposed two-winding coaxial transformer is extended to a multiple winding coaxial application. For the performance evaluation of the extended version, 35W multi-output hardware prototype of the DC-DC flyback converter was tested.