According to the principle of magnetic potential balance, the operating waveforms and effects on performance of the push-pull converter with bridge rectifier output circuit are analyzed. Combined with magnetizing inductance and leakage inductance effects of transformer, equivalent circuit model and mathematical analytical model of the converter are established. The physical relationships and theoretical waveforms of push-pull converter with and without secondary side equivalent leakage inductance when the magnetizing inductance is placed between two primary windings of the transformer are discussed. The effects of leakage inductance on terminal voltage of the switch, output voltage and energy feedback of the circuit and their elimination methods are deeply studied. The Matlab simulation verifies the correctness of the correlation model and theoretical results.