The invention provides capacitance lowering circuits and a modularized multi-level current converter comprising the capacitance lowering circuits. Each capacitance lowering circuit comprises a bridgearm reactor L1, a bridge arm reactor L2 and a switching circuit, each switching circuit comprises a first branch circuit and a second branch circuit which are in reverse parallel connection, the firstbranch circuits and the second branch circuits all comprise multiple thyristors in series connection, each bridge arm of the modularized multi-level current converter comprises the corresponding capacitance lowering circuit and multiple submodules, and after being in series connection, the submodules are in series connection with the capacitance lowering circuits. On the premise of meeting fluctuation amplitude design requirements of capacitor voltages of the submodules, capacitance values of capacitors of the submodules are lowered, the adjusting range is large, the capacitance lowering effect is obvious, by allocating reactance values of the upper bridge arm and the lower bridge arm, original energy distribution of the bridge arms is changed, then the capacitor voltage waveform of eachsubsidiary module in the energy transmitting process is changed, the oscillation amplitude of the capacitor voltages of the submodules when the same active power is transmitted is effectively lowered,and thus the capacitor capacitance values of the submodules in the modularized multi-level current converter are lowered.