A conversion circuit is disclosed. In the conversion circuit, an input terminal includes a positive direct current bus terminal and a negative direct current bus terminal, and an output terminal includes an alternating current output end; a first switch unit includes a flying clamping capacitor and a first converter bridge arm; a second switch unit includes a second converter bridge arm; an output end of the first switch unit and the second switch unit is connected to the alternating current output end; and the first switch unit and the second switch unit are connected to a control module, and switch under control of the control module, so that the conversion circuit converts between a direct current voltage and an alternating current voltage, to output a required alternating current voltage.