A method of operating an isolated bi-directional dc/dc converter to provide voltage regulation at a no-load condition over a wide voltage range and also provide overshoot protection for the boost mode main switching transistors uses new boost mode drive waveforms. The new waveforms drive switches S2 and S4 to be turned off during boost mode and only S1 and S3 are switched to provide reverse energy flow at no-load. In boost mode, C1 and C2 provide overshoot protection caused by leakage inductance of the isolation transformer when boost mode drive transistors turn off during forward energy flow and provide stored energy for reverse energy flow during reverse energy flow periods used for voltage regulation in the boost mode. In buck mode, C1 and C2 provide soft switching for buck mode main switching transistors S2 and S4.