Currently, the multi-load magnetic coupled wireless power transfer (MC-WPT) system is designed for AC application scenarios, which involves an increase in the cascading links, making the system structure more complex and unable to achieve multi-frequency output. This paper proposes a hybrid envelope and sine wave pulse width modulation (HESPWM) control method and constructs a multi-frequency and multi-load MC-WPT system for AC/DC output. Firstly, this paper presents the basic structure of the multi-frequency and multi-load MC-WPT system for AC/DC output, elaborates on the HESPWM modulation mechanism, and provides the expression of the effective values of each frequency component of the inverter output under this control mode. Secondly, a half-wave energy pickup topology based on dual active full bridge and dual diodes is proposed, and the working mode of the AC output channel is analyzed in detail. The positive and negative half-wave power of the received end envelope signal are extracted through diodes, and the polarity switching is carried out with the active full bridge circuit, and then the two AC output channels are filtered to achieve interference-free mutual operation. To address the impact of inter-frequency interference on the output waveform quality, the design of a band-stop filter is optimized to suppress the inter-frequency interference. Then, an equivalent model of the dual-frequency system with AC and DC synchronous output is established, and the system transmission characteristics are derived. Finally, a simulation and experimental platform is built for verification. The simulation and experimental results show that the system achieves 20 kHz and 60 kHz dual-frequency three-channel AC/DC output under the control of the HESPWM modulation strategy. The inter-frequency interference in the AC/DC output channels is suppressed with the action of the band-stop filter, and the output waveform quality is significantly improved. Moreover, the system maintains stable operation under load switching conditions, and the peak efficiency of the entire machine under different working conditions reaches 75.9%.