The design and development of a compact high voltage, high peak power, high frequency transformer for a converter type modulator of klystron amplifiers is presented. The transformer has been designed to operate at a frequency of 20 kHz and at a flux swing of ±0.6 T. Iron (Fe) based nanocrystalline material has been selected as a core for the construction of the transformer. The transformer employs a specially designed solid Teflon bobbin having 120 kV insulation for winding the high voltage secondary windings. The flux swing of the core has been experimentally found by plotting the hysteresis loop at actual operating conditions. Based on the design, a prototype transformer has been built which is per se a unique combination of high voltage, high frequency, and peak power specifications. The transformer was able to provide 58 kV (pk-pk) at the secondary with a peak power handling capability of 700 kVA. The transformation ratio was 1:17. The performance of the transformer is also presented and discussed.