This paper aims to advance the understanding and application of matrix transformers in contemporary power electronics based on the exemplary specifications of an electric vehicle highcurrent/low-voltage DC/DC step-down converter. First, the general applicability of matrix transformer arrangements in power electronic systems is investigated, providing a nuanced discussion on scenarios where they outperform conventional transformer designs. Subsequently, the two principal types of matrix transformers: common-voltage and common-current matrix transformers are introduced, emphasizing the distinctive features that set them apart. A comprehensive analysis of the electromagnetic behavior of the two matrix transformer types is presented, highlighting their unique characteristics and advantages. Concluding the discussion, practical design suggestions are presented to maximize the potential of matrix transformers, enhancing the efficiency and power density of power electronic systems.