An LED drive circuit, comprising: a Flyback circuit that has a current-limiting mode and a constant-voltage mode, a non-isolated DC-DC circuit, and a control circuit. The control circuit is used to detect the output voltage of the Flyback circuit, and, when the output voltage of the Flyback circuit is greater than or equal to a first preset voltage value, control the Flyback circuit to operate in the constant-voltage mode; the control circuit is further used to detect the switch transistor current or output current of the Flyback circuit, and, when the output current of the Flyback circuit is greater than a first preset current value, control the Flyback circuit to operate in the current-limiting mode.