Integrated　magnetics　in　DC-DC　converter　with　current　doubler　rectifier　was　analyzed　using　magnetic　near-field　leakage　effect.　Its　equivalent　circuit　model,　built　by　the　dual　relationship　between　magnetic　circuit　and　electric　circuit,　can　intuitively　summarize　the　two　prior　integrated　magnetics　schemes.　Distributions　of　AC　and　DC　fluxes　in　the　integrated　magnetic　core　were　analyzed　in　depth.　The　detailed　operations　under　different　near-field　magnetic　reluctances　were　discussed　by　gyrator-capacitor　model.　The　prototype　with　48V　input　and　12V/90W　output　was　built　for　experimental　verification　and　performance　evaluation.