A multi-level pulse width modulation (MPWM) digital-to-analog converter for receiving a n-bit pulse code modulation (PCM) signal and then outputting a m-level analog signal is provided. The MPWM DAC comprises a converter circuit, 2m first output drivers, 2m second output drivers and a control circuit. The converter circuit is used for converting (n-m) most significant bits (MSB) of the n-bit PWM signal into a PWM waveform, and then generating a first input signal and a second input signal. Each of the 2m first output drivers is used for receiving the first input signal, and then generating a first output current, wherein the first output currents of the 2m first output drivers can be equal or not. Each of the 2m second output drivers is used for receiving the second input signal, and then generating a second output current, wherein the second output currents of the 2m first output drivers can be equal or not. The control circuit is coupled to the converter circuit, 2m first output drivers, and 2m second output drivers, for controlling the on-off status of each of the first and the second output drivers.