The present invention discloses a power supply circuit for multi-path light-emitting diode (LED) loads. The two ports of the second diode are connected in parallel with the first switch tube, and the two ports of the forth diode are connected in parallel with the second switch tube. The conduction mode of the second and forth diodes is controlled by controlling the switch status of the first and second switch tubes. When the system is on a normal state, the first and second switch tubes are both switched off. When the load output of any path needs to be turned off, the corresponding switch tube should be controlled to switch on, which makes the diode connected in parallel with the switch tube short-circuited. The present invention can avoid a strong impulse current produced in filtering capacitor when the load of any path is directly short-circuited. Therefore, the present invention can reduce the current stress in circuits, improve the reliability of circuits, and reduce the cost.