Disclosed are a power amplification circuit and a power amplifier. The power amplification circuit may include: a power distribution device, a carrier amplification device, and a plurality of peak amplification devices; the power distribution device is configured for dividing an input power to obtain a plurality of divided powers, and the plurality of divided powers are respectively output to input ends of the carrier amplification device and the peak amplification devices; a first combining point is arranged at an output end of a first peak amplification device, and an output end of a second peak amplification device is connected to the first combining point by a first impedance compensation device; and a second combining point is arranged at an output end of the carrier amplification device, and the first combining point is connected to the second combining point by a second impedance compensation device.