This paper reports a 3-path 4-state (3P4S) hybrid switching converter for extreme 48V/1V direct power conversion. Compared to classic half-bridge topology, the 3P4S topology extends on-time TON by 9 times with 67% RMS current reduction. It also employs the fewest conducting switches in every discharge path and allows lower voltage rating and faster switches than the peers, facilitating high fsw operation, high efficiency, small power passives and low chip area. To prevent over-voltage stress and thermal breakdowns, an adaptive VCF rebalancing technique is introduced to reduce the VCF1 and VCF2 imbalance errors by 57.1% and 65.1%, respectively. To enable zero-voltage switching (ZVS) for high efficiency, a dual-edge tdead modulation is implemented at key switching nodes. The converter was fabricated in a 180nm HV BCD process, with an active area of 3.3mm². It delivers 4W power with a peak efficiency of 90.7% and an effective fSW of 4.5MHz.