A LED driving circuit and method for balancing efficiency and a power factor. The circuit comprises a voltage input module, an LED load, a constant current control module and a current turn-off slope control module for adjusting the turn-off slope of the current flowing through the LED load, such that a compromise between efficiency and power factor is achieved. When an input voltage is higher than a setting voltage, the current flowing through the LED load is turned off, such that the power consumption is reduced; in addition, the efficiency and power factor are balanced by adjusting the turn-off slope of the current. According to the present invention, a compensation capacitor is used to control the average current in an alternating current period and to limit peak current, thereby implementing constant power output within a wide range of input voltage.