Described systems, methods, and circuitries use an interleaved multi-level converter to convert an input signal received at an input node into an output signal at an output node. In one example, a power conversion system includes a first multi-level switching circuit, a second multi-level switching circuit, and a control circuit. The first multi-level switching circuit and the second multi-level switching circuit are coupled to a switching node, the input node, and a reference node. The control circuit is configured to generate, based on the output signal, switching control signals as pulse width modulated signals having a duty cycle to control the output signal and provide the switching control signals to the first multi-level switching circuit and the second multi-level switching circuit.