In this paper, a Q-band two-way power divider/combiner using a new matching structure based on magic T is proposed. This divider/combiner has properties of low loss, equal power splitting, good return loss, and good heat dissipation. The 3D EM simulation results show that, from 42GHz to 46GHz, the return loss is better than 20dB, the insertion loss is less than 0.06dB, and the isolation between the output ports is less than 23dB. The divider/combiner can be used in power combing systems to obtain solid-state high power with a high efficiency in Q-band.