The present invention provides an output circuit and a chip. The output circuit includes a first-stage circuit, a second-stage circuit, a third-stage circuit, and a fourth-stage circuit. The first-stage circuit is configured to read serial data in a memory and divide the serial data into first voltage signals each at a specified rate level; the second-stage circuit is configured to receive the first voltage signals, generate a plurality of second voltage signals; the third-stage circuit is configured to: allocate a transmission path to each of the second voltage signals according to a ZQ calibration signal; and the fourth-stage circuit includes a pull-up circuit and a pull-down circuit, each including thin-gate low-threshold NMOS transistors, and the fourth-stage circuit is configured to generate output voltage signals of the output circuit. By eliminating the limit on a minimum operating power supply voltage, different high-speed data output ports are compatible, thereby improving efficiency.