A flying capacitor converter includes an inductor, a first switch and a second switch, a first diode and a second diode, a first capacitor and a second capacitor, a flying capacitor, a third diode and a third capacitor, a fourth diode, and a fifth diode. The inductor is coupled to a first node. The first switch and the second switch are commonly connected to a second node. The first diode and the second diode are commonly connected to a third node. The first capacitor and the second capacitor are commonly connected to a fourth node. The flying capacitor is coupled to the second node and the third node. The third diode and the third capacitor are commonly connected to a fifth node. The fifth diode is coupled to the third node and the fourth node.