A novel two-phase hybrid Step-Up/Down converter for Lithium battery-powered systems is presented. The inductor is connected to the input and is followed by a charge-pump configuration using two external flying capacitors. With these, we facilitate smaller voltage rated switches, parallel conduction path, partial soft-charging of the flying capacitors, and continuous input and output current delivery. The overall converter loss and reliability concerns arising from discontinuous input/output current transfer are thus greatly reduced, even for heavy load conditions. The proposed topology promises significant reduction in volume cost both for silicon and PCB footprint while providing comparable or better efficiency than state-of-the-art hybrid converter solutions.