An AC-DC conversion circuit includes an input rectifier circuit, a primary side input filtering capacitor, a primary side inverter circuit, a drive circuit, an isolation transformer, a secondary side rectifier circuit, a secondary side capacitors, and a control circuit connected between the secondary side output filtering capacitor and the drive circuit, where the drive circuit is connected to the primary side inverter circuit. The primary side inverter circuit and the primary side input filtering capacitor form a loop, so as to form a clamping resonant circuit. Inverter switching transistors operate in a zero voltage switching (ZVS) state. The secondary side rectifier circuit has two operation modes including a forward operation mode and a flyback operation mode. Each of the first and the second inverter switching transistors in the primary side inverter circuit is used as an inverter switching transistor or a clamping switching transistor according to an operation period.
