A novel interleaved flyback converter with leakage energy recycled is proposed. The proposed converter is combined with dual-switch dual-transformer flyback topology. Two clamping diodes are used to reduce the voltage stress on power switches to the input voltage level and also to recycle leakage inductance energy to the input voltage and capacitor. Besides, the interleaved control is implemented to reduce the output current ripple. In addition, the voltage on the primary windings is reduced to the half of the input voltage and thus reducing the turns ratio of transformers to improve efficiency. The operating principle and the steady state analysis of the proposed converter are discussed in detail. Finally, an experimental prototype is implemented with 400V input voltage, 24V/300W output to verify the feasibility of the proposed converter. The experimental results reveals that the highest efficiency of the proposed converter is 94.42%, the full load efficiency is 92.7%, and the 10% load efficiency is 92.61%.