A cascade bridge-type DC-AC power converter device includes a low-frequency bridge-type power converter including an AC terminal and a DC bus and a high-frequency bridge-type power converter including an AC terminal. A power conversion method includes: serially connecting the AC terminal of the high-frequency bridge-type power converter and the AC terminal of the low-frequency bridge-type power converter; operating frequency of the low-frequency bridge-type power converter synchronized with frequency of an AC source; and operating the high-frequency bridge-type power converter with high-frequency PWM to generate a multilevel AC voltage. A DC power source connects to the DC bus of the low-frequency bridge-type power converter. No additional power supply circuit will be required for power supply to a DC bus of the high-frequency bridge-type power converter. Accordingly, the power circuit is simplified, and the manufacturing cost is reduced.