An emulated current generation circuit of a power converting circuit, providing an emulated current includes an AC component current and a DC component current, includes a first current circuit, a second current circuit, a combination circuit and a calibration circuit. The first current circuit generates a ramp signal as the AC component current. The second current circuit is coupled to an output stage of power converting circuit to provide a sensing current. The DC component current is generated after performing a sample-and-hold processing on the sensing current. The combination circuit is coupled to the first current circuit and second current circuit respectively to combine the AC component current and DC component current into an emulated sensing current. The calibration circuit is coupled to the first current circuit, second current circuit and combination circuit to dynamically adjust the ramp signal according to the emulated sensing current and sensing current.