The invention relates to a hybrid multi-level current transformation topology based on an H full-bridge subunit, wherein one end of an H bridge cascading module is connected with a positive direct-current bus, and the other end of a fully-controlled switch tube series connection module is connected with a negative direct-current bus; the fully-controlled switching tube series connection module is of an H bridge circuit structure consisting of four bridge arms with same structure, wherein a connection point between the first bridge arm and the third bridge arm and a connection point between the second bridge arm and the fourth bridge arm are used as output terminals and connected with an LC low-pass filter; and one end of the H bridge cascading module is connected with a connection inductor, and the other end of the connection inductor is connected with one end of the fully-controlled switching tube cascading module. The hybrid multi-level current transformation topology disclosed by the invention can be used as a single phase, can be also used for a three-phase alternating-current circuit sharing a direct-current bus and realizes four-quadrant operation.