A five-level rectifier includes at least one phase bridge arm that includes an upper-half and a lower-half bridge arm circuit modules. The upper-half bridge arm circuit module includes a first power semiconductor switch unit, a second power semiconductor switch unit, a first diode unit, a second diode unit, a first connecting busbar, a first insulated wire and a first transfer busbar; the lower-half bridge arm circuit module includes a third power semiconductor switch unit, a fourth power semiconductor switch unit, a third diode unit, a fourth diode unit, a second connecting busbar, a second insulated wire and a second transfer busbar. The two modules are disposed side by side and facing each other.