An embodiment of the present invention provides a digital-to-analog converter including: a primary modulator; a secondary modulator, connected to the primary modulator; a delay unit, connected to the primary modulator; a subtractor, connected to the delay unit and the secondary modulator separately; a first processing module, configured to perform decoding, dynamic matching, and digital-to-analog conversion in sequence on a B-bit digital signal output by the secondary modulator, so as to obtain a first analog signal; a second processing module, configured to perform decoding, dynamic matching, and digital-to-analog conversion in sequence on an (N−B+1) -bit quantization noise signal output by the subtractor, so as to obtain an analog noise signal; and an adder, connected to the first processing module and the second processing module separately, and configured to add the first analog signal and the analog noise signal, so as to obtain and output a second analog signal.