A three-phase power supply with a three-phase three-level DC/DC converter includes a full-bridge thyristor converter with three-set four in-series power switch elements, a three-phase isolated transformer, a full-bridge rectifier, a rectifying circuit, and a low-pass filtering circuit. The three-phase power supply is used to deliver power energy from the AC input voltage to the load. The power switch elements, which separated to each other at 120-degree phase differences, are controlled through a phase shift scheme. Therefore, the three-level circuit structure is provided to reduce withstanding voltage of the power switch elements, further the zero-voltage switching (ZVS) is achieved by the isolated transformer and the power switch elements to increase the efficiency of the DC/DC converter.