This paper proposes a novel two-level single-stage direct ac-ac converter for realizing a 7.2-kV medium-voltage (MV) solid-state transformer (SST) based on 15-kV SiC mosfets. A new current-fed series resonant converter (CFSRC) topology is proposed to address major challenges in MV ac-ac converters such as achieving zero-voltage switching (ZVS) for the MV mosfets across wide voltage and load ranges and minimizing system capacitance. The topology is analyzed with both time-domain analysis and first harmonic approximation to provide useful equations for circuit design. Constant deadtime strategy is adopted, allowing partial ZVS to occur at low-voltage (LV) levels. ZVS behavior over wide voltage range is investigated, and calculation of the associated loss from partial ZVS is presented. System parameters are optimized based on the tradeoff between conduction loss and switching loss. The 15-kV mosfet has been tested continuously at a park voltage of 10 kV and 37 kHz, indicating stable device operation and an extremely high voltage × frequency figure of merit. Moreover, inherent cycle-by-cycle current limiting in the proposed CFSRC under output short-circuit circumstance is realized by paralleling diodes to the LV resonant capacitors. Without employing any additional current sensors, the input and circulating currents are limited to a safe range automatically when the short-circuit occurs. This paper presents detailed short-circuit protection operating principles and peak resonant current equation to aid the design of the resonant tank. A full-scale and compact SST that converts 7.2 kV ac to 240 V ac is developed to verify the theoretical analysis. This is the highest reported voltage rating for two-level-based power converters without device series connection. ZVS is verified and achieved over wide voltage and load ranges with a peak efficiency of 97.8%. A short-circuit experiment is conducted at 3-kV peak voltage to verify the analysis. Experimental results closely match the theoretical analysis.