A multilevel conversion circuit having a flying capacitor is provided, including: a first bridge arm; a second bridge arm including a flying capacitor, the midpoints of the second and first bridge arms connected to a series branch defined by a first current limiting circuit, a power supply and an inductor; a DC bus capacitor connected in parallel to the first and second bridge arms; a rectifier circuit having an input end coupled to the power supply and an output end connected to a first auxiliary power supply; and a controller coupled to the first auxiliary power supply and the plurality of switches of the second bridge arm to control corresponding switches of the second bridge arm, the power supply charges the flying capacitor through the corresponding switches of the first and second bridge arms and the first current limiting circuit.