A DC-to-DC converter for providing a DC output voltage proportional to a DC voltage applied to the primary winding of a transformer by turning on and off the applied DC voltage by means of a switching element connected in series with the primary winding. The voltage developed across the secondary winding of the transformer upon the turning on and off of the applied DC voltage is rectified and smoothed by means of a circuit including a rectifying diode, a choke coil and a capacitor. The transformer has a core which exhibits a rectangular hysteresis characteristic. When the switching element is turned off, the current flowing through the choke coil when the switching element is conductive is caused to flow as a reset current through a part of the secondary winding of the transformer so that the level of the magnetic flux of the core of the transformer may be restored to its initial value.