A power distribution system is provided in this application, which includes a plurality of power distribution equipments, and the plurality of power distribution equipments are configured to supply power to a plurality of powered devices respectively. First power distribution equipment in the plurality of power distribution equipments includes: a first power module, configured to perform voltage conversion on an input voltage to obtain an output voltage, where the output voltage is a supply voltage of the first power distribution equipment; and a first cascading circuit, configured to connect an output of the first power module to an output of a power module in power distribution equipment in the power distribution system other than the first power distribution equipment, where the first power distribution equipment is any power distribution equipment in the power distribution system. A server system which includes the power distribution system is also disclosed in this application.