Very high-power and high-efficiency microwave applications require waveguide structures to combine/divide the power from/to a variable number of high-power solid-state devices. In the literature, among the different waveguide configurations, those capable of providing the maximum output power show a limited relative bandwidth. To overcome this limitation, in this paper a full-band (40%) waveguide power divider/combiner specifically designed for high-power applications (up to several kW) is presented. The proposed structure uses an evolved turnstile junction with a standard rectangular waveguide common port, rotated 45°, with respect to its central axis, to divide/combine the signal to/from the four output/input rectangular ports. The inclusion of an oversized central cavity together with circular and rectangular waveguide impedance transformers at the common port allows the achievement of a full-band operation with excellent electrical performance, while maintaining a very simple and compact configuration. Only two layers of metal are required for the physical implementation of this structure in platelet configuration. A prototype has been designed covering the full Ka-band (26.5–40 GHz), showing an excellent measured performance with around 30 dB of return loss, 0.18 dB of insertion loss, and less than 1.5° of phase imbalance.