The invention discloses an AC-AC power converter without a DC bus energy storage component. The AC-AC power converter comprises a first three-phase full bridge circuit, a second three-phase full bridge circuit and a third three-phase full bridge circuit which are connected through a DC bus, wherein an AC input side of the first three-phase full bridge circuit is inputted with a three-phase power source, one end of a first filter capacitor, one end of a second filter capacitor and one end of a third filter capacitor are connected, the other end of the first filter capacitor is connected with the first phase of power source, the other end of the second filter capacitor is connected the second phase of power source, the other end of the third filter capacitor is connected with the third phaseof power source, each phase of the three-phase power source is connected with an AC input side of each phase of the third three-phase full bridge circuit through a filtering inductor. The AC-AC powerconverter is advantaged in that conduction loss and switch loss can be reduced, and integration is facilitated.