A thin film power supply is proposed based on a new thin film magnetic material for the transformer core which will result in a high efficiency, ultra compact transformer capable of MHz operation. This transformer will consist of a thin film core in combination with thin film windings and will be compatible with direct integration onto IC components. This magnetic core will be fabricated using an innovative method of electrodeposition for both the magnetic film and the insulating layer. This deposition method has the potential of forming these films at low cost and with superior magnetic performance. This deposition process is an enabling technology for fabricating a transformer using both a thin film core and thin film windings to fabricate a flat, compact, high efficiency power supply.