A level conversion circuit and a display panel are provided. The level conversion circuit includes a signal generation circuit configured to output driving signals through a plurality of signal output terminals, a first operational amplification circuit configured to level-convert a voltage of an input terminal and output the voltage through an output terminal, and signal output terminals of the signal generation circuit are in one-to-one correspondence with input terminals of the first operational amplification circuit; a plurality of switching circuits connected between the signal output terminal and the input terminal, connected to a control signal terminal, and configured to communicate the signal output terminal with the input terminal in response to a signal of the control signal terminal. At least part of the switching circuits are connected to different control signal terminals.