In this study, an accurate model for the forward converter with peak current-mode control is clearly shown in order to analyse the effect of the magnetising inductor. From the current loop of the proposed model, it can be found that the magnetising inductor current has the same effect of preventing the converter from sub-harmonic oscillation as that of the external ramp. In addition, the feed forward gain of the circuit has been modified owing to the effect of the magnetising inductor. Finally, the validity and accuracy of the small-signal model containing a magnetising inductor are verified with the results of the experiment.