A freewheeling DC/DC step-down converter includes a high-side MOSFET, an inductor and an output capacitor connected between the input voltage and ground. A freewheeling clamp, which includes a freewheeling MOSFET and diode, is connected across the inductor. When the high-side MOSFET is turned off, a current circulates through the inductor and freewheeling clamp rather than to ground, improving the efficiency of the converter. The converter has softer diode recovery and less voltage overshoot and noise than conventional Buck converters and features unique benefits during light-load conditions.