A multi-converter switching power supply includes a first switching converter with a first output capacitor, a second switching converter with a second output capacitor, a bypass switch coupled across the second output capacitor, and a bypass control circuit for controlling the bypass switch. Input terminals of the first and switching converters are coupled in parallel, while output terminals of the first and switching converters are coupled in series to provide a total output voltage to a load. When detecting that the second output voltage approaches a negative voltage, the bypass control circuit turns on the bypass switch, so as to protect the second output capacitor from being damaged by a reverse DC voltage.