This paper deals with design and analysis of a new type of converter called single phase Z-source Buck Boost Matrix Converter and an investigation of its capabilities and characteristics for Power Flow Control applications with UPFC. The converter can buck and boost voltage with step changed frequency. The operating principle and circuit analysis of matrix converter is described in detail. The simulation is carried out in PSPICE for different frequencies and voltages bucked and boosted. This paper shows that that the Z - source type matrix converter not only fulfils the specifications of the UPFC but can also link power systems at different frequency standards with a 360 degree phase-shift range, and high synchronizing power associated with series reactance compensation. The capacity to boost or buck the voltage magnitude without large storage DC link capacitor and wide control over the phase shift is unlimited in Z source matrix converters. It is thus capable of satisfying STATCOM and SSSC functions with bidirectional flow and the small real power losses for the converters switching is no more drawn from the line but compensated by the boosted voltage. The experimental results obtained shows good agreement with the simulation results thus substantiating its capabilities. © Research India Publications.