A voltage conversion circuit includes: an inductor, a first switch module, N second switch modules connected in series, N third switch modules connected in series, and N−1 flying capacitors. One terminal of the first switch module is separately connected to one terminal of the N second switch modules connected in series and one terminal of the N third switch modules connected in series. The other terminal of the N third switch modules connected in series is connected to a positive electrode of a high-voltage power supply. The other terminal of the first switch module and the other terminal of the N second switch modules connected in series are connected to a negative electrode of the high-voltage power supply. A low-voltage power supply is connected to the two terminals of the first switch module through the inductor.