We propose a frequency multiplying circuit containing a high-frequency output inverter and an impedance matching transformer that contains magnetic materials with an operation frequency lower than the output frequency. The operation principle and power loss of the proposed circuit and a conventional circuit are compared. Simple theoretical analysis shows that the proposed circuit can reduce the iron loss of magnetic materials. However, the conduction loss of semiconductor devices and the copper loss of primary windings in the proposed circuit are higher those in the conventional circuit because the number of phases in the half-bridge inverter is five times that in the conventional circuit. Experimentally, it is revealed that Mn-Zn ferrite can be used at an output frequency of 2.5 MHz, which exceeds the operation frequency of the material.