The invention discloses a high-frequency isolated AC-DC conversion circuit and a control method thereof. The circuit comprises an input filter, an input transformer, an AC rectifier unit, an energy storage filter unit, a resonant conversion unit, an isolation transformer, a DC side rectifier unit and an output energy storage unit. The conversion circuit of the invention can work in three modes ofrectification, inverter or standby. By using the input transformer, the common-mode current on the AC side and the AC anti-deviation function can be effectively rejected while the energy storage function is realized, and the common-mode interference of the AC rectifier unit to the ground can be effectively reduced. In addition, the resonant conversion unit can realize the bi-directional conversionof soft switch, which reduces the on and off stress of each component and reduces the switching loss. Finally, multi-state conversion can be realized in the bi-directional conversion of DC voltage ina wide range by using the combination of resonant conversion unit and DC side rectifier unit to turn on the timing control.