In this paper, a new type of matrix converter also called a single-phase high-frequency transformer isolated (HFTI) buck matrix converter (MC) is proposed. The proposed converter can provide step-down operation of the input voltage with various types of output voltages such as; in-phase and out-of-phase output voltages, rectified (or positive) output voltage, and output voltage with step-changed frequency. By incorporating HFT isolation, the proposed MC saves an extra bulky line frequency transformer, which is required for the conventional MCs to provide electrical isolation and safety, when used in application such as dynamic voltage restorers (DVRs), etc. Two different circuit variations of the proposed HFTI MC are presented with and without continuous output currents, with the latter having less passive components. The safe-commutation strategy is also employed for the proposed HFTI MC to provide current path for the inductor during dead-time, which avoids switch voltage spikes without adding any snubber circuits. The operation principle and circuit analysis of the proposed MC are presented, and switching strategies are also developed to obtain various output voltages. Moreover, a prototype of the proposed MC is fabricated, and experiments are performed to produce in-phase/out-of-phase and rectified output voltages, and output voltage with step-changed frequency.