A power converter includes a switched-capacitor conversion circuit and an inductor buck circuit. The switched-capacitor conversion circuit receives an input voltage, and is operated, according to the first switching frequency, to convert the input voltage into an intermediate voltage. The inductor buck circuit and the switched-capacitor conversion circuit are connected in series. The inductor buck circuit receives the intermediate voltage, and generates an output voltage on a conversion output terminal thereof according to the intermediate voltage. The minimum value of the first switching frequency is determined by the intermediate voltage.