In this paper, a new equivalent circuit model for multilayer piezoelectric transformer (MPT) has been proposed based on Mason's equivalent circuit approach suitable for single layer piezoelectric ceramic. When the electric voltage is applied to the driving piezoelectric vibrator polarized in the thickness direction, output voltage is generated at the generating piezoelectric vibrator polarized in the longitudinal direction. From the piezoelectric direct and converse effects, symbolic expressions between the electric inputs and outputs of MPT have been derived for the proposed equivalent circuit model. Eleven and 13 layered MPTs have been simulated and fabricated to investigate the load and frequency characteristics. Simulation result has been compared with the experimental data and it proved the validity of the proposed multilayered equivalent circuit model. © 2004 Elsevier B.V. All rights reserved.