A power converter having a current limit module and a method for controlling the power converter. The power converter converts an input voltage to an output voltage based at least on driving a main switch to switch on and off and regulates the output voltage through regulating a duty cycle of the main switch. The current limit module is configured to compensate a first current limit threshold indicative of a maximum allowable value of a peak value of a switching current of the main switch with a threshold compensation signal indicative of the duty cycle to provide a second current limit threshold. The second current limit threshold is used to limit the maximum value of the peak value, so that a maximum allowable output power of the power converter is substantially uninfluenced by the variation in the duty cycle.