In this paper, an interleaved forward converter with magnetizing energy recycled is implemented. The interleaved forward converter used for hardware implementation is mainly constructed by two transformers and two interleaved controlled power switches to reduce the output current ripple. The voltage stress on the primary windings is reduced to the half of the input voltage. Two additional voltage clamping diodes are used for recycling the transformer magnetizing energy to improve the system efficiency. Conventional forward converters are reviewed first and then the detail operating principles of the interleaved forward converter are analyzed in detail. Finally, an experimental prototype is implemented with 400V input voltage 24 V/480 W output to verify the feasibility of the interleaved forward converter. The experimental results reveal that the maximum efficiency is 94.57% at 80% load and the full load efficiency is 94.47%.