In one embodiment, an LED driving circuit can include: (i) a sense circuit configured to sense an inductor voltage, and to generate a sense voltage signal; (ii) a protection control circuit configured to activate a first protection control signal in response to a comparison of the sense voltage signal against a first reference voltage to indicate an LED device is in a first load state; (iii) the protection control circuit being configured to activate a second protection control signal in response to a comparison of the sense voltage signal against a second reference voltage to indicate the LED device is in a second load state; and (iv) a PWM control circuit configured to control a power switch according to the first protection control signal or the second protection control signal, based on the load state of the LED device.