The eGaN HEMTs with ZVS technique have emerged in high frequency converters to reduce the switching loss. This paper investigates an eGaN HEMT ZVS isolated SEPIC converter running up to 2 MHz. Furthermore, an inductor optimization method is proposed to ensure ZVS and reduce reverse conduction loss of the SR. The efficiency curve is optimized based on the trade-off method between the switching and conduction losses. Moreover, the embedded inductor is proposed to reduce the conduction loss of the inductor. Finally, two 2 MHz eGaN HEMT prototypes with the commercial and embedded inductor with 18–36 V input and 5 V/2 A output are built respectively to verify the effectiveness of the proposed methods. The converters achieve a peak efficiency of over 88.2% and power density of 52.9 W/in3, outperforming the state-of-art power module products.