A switched capacitor DC-DC converter, which includes a pulse frequency modulation circuit, a multiplexing pulse-width modulation circuit, and a switched capacitive element, is disclosed. The switched capacitive element is coupled between the pulse frequency modulation circuit and the multiplexing pulse-width modulation circuit. The pulse frequency modulation circuit uses a DC source signal to charge the switched capacitive element. The pulse frequency modulation circuit provides a group of output signals by multiplexing the switched capacitive element and reduces reverse current to the switched capacitive element when updating each of the group of output signals.