In this study, an efficient method is proposed for analysis of Flyback DC-DC converter circuit, used commonly in power electronic circuits. The efficiency of the method comes from modelling basic components in the converter properly. Transformer, the basic component of the converter, is modelled by dependent sources, switching devices are modelled by the binary valued element approach. Variations in the equivalent circuit according to status of the switching devices are examined. In obtaining system equations, being the basis of the analysis, the modified nodal method is used. Numerical solutions are compared with traditional analytical results in steady-state. The superiority of the proposed method is shown.