A transfer case having an input shaft, an output shaft, and a planetary gearset connected therebetween. The planetary gearset includes a first sun gear, a second sun gear, a carrier coupled for rotation with the input shaft, a ring gear coupled for rotation with the output shaft, and meshed pairs of first and second pinions rotatably supported on the carrier with each first pinion meshed with the first sun gear and each second pinion meshed with the second sun gear and the ring gear. The transfer case further includes a powershift clutch assembly comprised of a first range clutch located between the carrier and the ring gear, a second range clutch located between the first sun gear and a stationary member, and a third range clutch located between the second sun gear and the stationary member. Actuation of the clutches is controlled by a hydraulic control system for shifting each of the clutches between actuated and non-actuated modes to establish three different speed ratio drive connections between the input and output shafts.