A voltage conversion circuit, a control method, a power supply device, and a storage medium are provided. The circuit may include a fourth switch module, a third switch module, a first switch module, a second switch module and a ground lead which are sequentially connected in series; a first capacitor connected to a first common terminal and a second common terminal respectively; a second capacitor connected to a power output terminal and a ground lead; a driving module configured to regulate an initial duty ratio of a driving signal for each of the first to fourth switch modules, based on a capacitor voltage of both ends of the first capacitor; and an inductor connected with a power input terminal and a third common terminal respectively, or connected with the third common terminal and the power output terminal respectively.