A photovoltaic power conditioning system and method is provided. The system includes an isolated DC/DC converter (41), a DC/AC inverter (42), and a sine filter (43). The isolated DC/DC converter (41) receives a DC voltage from a solar cell through a parallel connection structure and converts the DC voltage into another DC voltage and then outputs the converted DC voltage through a series connection structure. The DC/AC inverter (42) converts the DC voltage output from the isolated DC/DC converter into an AC voltage. The sine filter (43) performs sine filtering on the AC voltage output from the DC/AC inverter and outputs the filtered AC voltage. The system employs a topology allowing it to be responsible for part of the output capacity, thereby significantly reducing the required capacity and increasing the system efficiency, so that the system can be applied to small and large-capacity photovoltaic power generation.