We propose a piezoelectric transformer comprising two identical bolt-clamped Langevin-type transducers (BLTs) and a stepped horn for its applications to high-power electronics. The transformer can realize a specified step-up voltage transformation ratio determined by the cross-sectional area ratio of the horn, both ends of which are connected to the BLTs, at a driving frequency in the vicinity of its mechanical resonance frequency. In experiments, we obtained the results predicted by finite-element analysis. The deviations of the measured resonance and driving frequencies from the numerically estimated values were 0.86 and 0.80%, respectively. At the driving frequency, the maximum efficiency was 99.2%, and a maximum output power of 100 W was obtained with an input voltage of 100 Vrms. Nevertheless, we observed unstable actions of the transformer, which can be attributed to the “jumping and dropping” phenomena, in high voltage operation. Numerical analysis suggests that the instability may be caused by the local electric field concentration in the piezoelectric elements, which occurs only when the transformer is driven by a low-output-impedance voltage source at its mechanical resonance frequency.