The invention discloses a modular multi-level converter topology with an energy storage function, which comprises three phase units, and is characterized in that each phase unit comprises an upper bridge arm, a lower bridge arm, an upper bridge arm inductor and a lower bridge arm inductor wherein a positive electrode end of the upper bridge arm acts as a DC line outgoing positive electrode end of the phase unit, a negative electrode end of the upper bridge arm is connected with one end of the upper bridge arm inductor, the other end of the upper bridge arm inductor is connected with one end of the lower bridge arm inductor, acts as an AC line outgoing end of the phase unit and is connected with a reactor in series and connected to a power grid, the other end of the lower bridge arm inductor is connected with a positive electrode end of the lower bridge arm, and a negative electrode end of the lower bridge arm acts as a DC line outgoing negative electrode end of the phase unit; both the upper bridge arms and the lower bride arms in the three phase units are formed by connecting half-bridge sub-modules and similar full-bridge sub-modules in series in a hybrid manner. The modular multi-level converter topology can increase inertia for a new energy system through designing the similar full-bridge energy storage sub-modules. In addition, the battery charging and discharging current applied by energy storage is smooth, and the voltage level is low, so that efficient running and the safety of a battery are ensured.