This application provides an electric drive system, a powertrain, and an electric vehicle. The electric drive system is connected to power batteries and includes: a bus, a three-level inverter circuit, a DC-DC conversion circuit, and a controller. The bus includes a positive bus and a negative bus. The three-level inverter circuit includes a first bus capacitor and a second bus capacitor. The first bus capacitor is connected between the positive bus and a bus neutral point, and the second bus capacitor is connected between the negative bus and the bus neutral point. The DC-DC conversion circuit includes a first conversion circuit and a second conversion circuit, an input terminal of the first conversion circuit is connected in parallel to the first bus capacitor, and an input terminal of the second conversion circuit is connected in parallel to the second bus capacitor.