This paper presents a dual-branch series-parallel hybrid buck converter with flying capacitor voltage auto-balancing and reduced output impedance. The proposed converter automatically and inherently balances the flying capacitor voltages as one-third of the input voltage. Besides, the proposed converter operates in four states per cycle rather than the conventional six states, leading to a feasible Type-III compensation of the analog pulse-width modulation (PWM) controller. Moreover, due to the multiple parallel current paths in the switched-capacitor network, the proposed converter reduces the output impedance, thus decreasing the conduction loss. Finally, validated in 65-nm CMOS, the proposed converter regulates a 0.55 V-1 V output voltage from a 3.6 V input voltage over a large output power of 0.45 W with 82% peak efficiency, and switching frequency up to 5 MHz. It also automatically sets the flying capacitor voltages at 1.2 V.