A two-step DC-to-DC converter comprises a first converter stage for converting a first voltage to a second voltage, and a second converter stage for converting the second voltage to an output voltage. The first converter stage uses a MOSFET or normally-off JFET to serve as a high-side switch, and the second converter stage comprises a multi-phase modulator using a normally-on JFET to serve as a high-side switch, thereby improving the efficiency of the two-step DC-to-DC converter.