A multi-level direct current converter includes a direct current conversion unit, a switching unit, a voltage management unit, and a controller. The direct current conversion unit includes a flying capacitor, a first power transistor, and a second power transistor. A first end of the first power transistor is connected to a voltage input end of the multi-level direct current converter, a second end of the first power transistor is connected to a first end of the second power transistor by using the flying capacitor, and a second end of the second power transistor is connected to a reference ground.