A power supply circuit comprises a power conversion circuit, a voltage selection circuit, and a voltage regulator. The voltage regulator coupled to the voltage selection circuit and a digital-to-analog converter (DAC), and the voltage regulator is configured to provide supply power to the DAC; the power conversion circuit is coupled to a first power supply and a power amplifier (PA), and the power conversion circuit is configured to convert, based on output power of the PA, a voltage of the first power supply into an output voltage that supply power to the PA; and the voltage selection circuit is coupled to a second power supply, the power conversion circuit and the voltage regulator, and the voltage selection circuit is configured to select the second power supply or the power conversion circuit to supply power to the voltage regulator based on an output voltage of the power conversion circuit.