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Flyback converter with variable-frequency peak-current-mode (VFPCM) control is widely used in low-power adaptor and recently proposed universal serial bus power delivery application. The control scheme achieves high efficiency for the entire load range by reducing the switching frequency at light load. In the present study, an accurate unified small-signal model for VFPCM control in continuous conduction mode (CCM) and discontinuous conduction mode (DCM) is proposed. Based on the model, a compensation strategy is proposed to overcome the unstable problem in a wide range of operations and give engineers insight. Experimental and simulation results verify the proposed model and compensation strategy.