A power conversion circuit includes a first terminal, a second terminal, a first switching conversion unit, a second switching conversion unit, a flying capacitor and a magnetic element. The first switching conversion unit includes a first switch and a third switch. The second switching conversion unit includes a second switch and a fourth switch. The magnetic element includes two first windings and a second winding. A first one of the two first windings is serially connected between the flying capacitor and the second terminal. A second one of the two first windings is serially connected between the second switch and the second terminal. The second winding is serially connected with the flying capacitor and the first one of the two first windings. A turn ratio between the second winding, the first one of the two first windings and the second one of the two first windings is N:1:1.