The present invention discloses a voltage conversion circuit, including: a first power transistor; a second power transistor, where the second power transistor is cut off when the first power transistor is conductive and is conductive when the first power transistor is cut off; a first energy storage element; a second energy storage element, configured to be coupled to the first power transistor and the second power transistor; a bleed module, configured to be coupled to the first power transistor, and when the first power transistor is cut off and a voltage of a source of the first power transistor reaches a source threshold, provide a current path for a current flowing from the source of the first power transistor to ground. By means of the foregoing manner, in the present invention, a voltage difference between a drain and the source of the first power transistor can be decreased, thereby lowering a risk of burning out the first power transistor, and avoiding an increase in manufacturing costs.