The extensive integration of power electronic converters into DC microgrids can lead to constant power load (CPL) stability issues, resulting in significant voltage oscillations or even system failure. In contrast, it is crucial that the control of power electronic converters meets dynamic performance criteria such as reduced oscillations, allowable overshoot, and smooth transient behavior. This paper proposes a model reference adaptive controller for a DC/DC buck converter that supplies constant power loads, guaranteeing both stability and dynamic performance. The parameters of the suggested controller are determined directly, avoiding the need to have complete knowledge of the system model. As a result, online parameter estimation and recalculation are not required. Moreover, the Lyapunov stability theory is employed to demonstrate the stability of the closed-loop system. Finally, a high-gain observer is designed and integrated into the adaptive control scheme for fast and accurate estimation of system states when the CPL is unknown to the controller, thereby enhancing voltage tracking accuracy and improving overall system performance. Simulation results in MATLAB/SimPowerSystems Toolbox validate the effectiveness of the proposed observer-based controller in achieving precise tracking and fast response.