This chapter presents an overview of dynamic average‐modelling of front‐end diode rectifier loads and pulse width modulation (PWM) AC‐DC converter systems. It also presents a detailed analysis with an overview of all possible modes of operation from open‐circuit to short‐circuit conditions. The chapter discusses the basic approaches for developing the AVMs. Three selected average‐value models (AVMs) are utilized in extracting steady‐state operational characteristics of the rectifier system, followed by a comparative analysis of the AVM dynamic orders. The chapter compares the small‐signal input/output impedance characteristics predicted by different models. It examines the transient performance of the AVMs for various operating conditions including light and heavy loading conditions, discontinuous and continuous modes, as well as balanced and unbalanced AC side. Finally, the generalization of the analyses is considered for high‐pulse‐count converters using an example six‐phase topology.