The present disclosure provides a multi-level converter with triangle topology and control method thereof, related to the technical field of multi-level converters. In the converter, n DC capacitors connected in series form a vertical edge of a triangle and are as a DC bus, n switching tubes connected in series form a bevel edge of the triangle, switching tubes each connected between a neutral point of the DC bus corresponding to each layer and a point for connecting the switching tube on the bevel edge form a horizontal edge. Each time the layer is expanded by one, the number of levels increases by one. When a voltage across each capacitor is E, an AC output terminal Xn may output a total of n+1 levels.