A power conversion module, wherein the power conversion module comprises a power factor correction PFC module and a first direct current-direct current DC-DC converter, wherein the PFC module has a first interface, a second interface, a first inductor, and a bus capacitor (C1, C2), wherein the first inductor is connected to the first interface; and the first DC-DC converter comprises a first primary circuit and a first secondary circuit, and the first primary circuit comprises a first bridge arm, a second bridge arm, a third bridge arm, and a fourth bridge arm; the power conversion module further comprises a first switch, a second switch, a third switch, and a fourth switch, wherein the first switch is disposed between the first bridge arm and the first inductor, the second switch is disposed between the third bridge arm and the second interface, the third switch is disposed between the first bridge arm and the second bridge arm, and the fourth switch is disposed between the third bridge arm and the fourth bridge arm; when both the first switch and the second switch are in a turned-off state and both the third switch and the fourth switch are in a turned-on state, the PFC module and the first DC-DC converter are configured to perform forward charging; when both the first switch and the second switch are in a turned-on state and both the third switch and the fourth switch are in turned-off state, the first bridge arm is coupled to the first inductor, and the third bridge arm is coupled to the second interface, to form a second DC-DC converter and an inverter module; and a second primary circuit of the second DC-DC converter is the first secondary circuit of the first DC-DC converter, a second secondary circuit of the second DC-DC converter comprises the second bridge arm and the fourth bridge arm, and the inverter module comprises the first bridge arm, the third bridge arm, the first inductor, and the bus capacitor (C1, C2). the PFC module has a first interface, a second interface, a first inductor, and a bus capacitor (C1, C2), wherein the first inductor is connected to the first interface; and the first DC-DC converter comprises a first primary circuit and a first secondary circuit, and the first primary circuit comprises a first bridge arm, a second bridge arm, a third bridge arm, and a fourth bridge arm; the power conversion module further comprises a first switch, a second switch, a third switch, and a fourth switch, wherein the first switch is disposed between the first bridge arm and the first inductor, the second switch is disposed between the third bridge arm and the second interface, the third switch is disposed between the first bridge arm and the second bridge arm, and the fourth switch is disposed between the third bridge arm and the fourth bridge arm; when both the first switch and the second switch are in a turned-off state and both the third switch and the fourth switch are in a turned-on state, the PFC module and the first DC-DC converter are configured to perform forward charging; when both the first switch and the second switch are in a turned-on state and both the third switch and the fourth switch are in turned-off state, the first bridge arm is coupled to the first inductor, and the third bridge arm is coupled to the second interface, to form a second DC-DC converter and an inverter module; and a second primary circuit of the second DC-DC converter is the first secondary circuit of the first DC-DC converter, a second secondary circuit of the second DC-DC converter comprises the second bridge arm and the fourth bridge arm, and the inverter module comprises the first bridge arm, the third bridge arm, the first inductor, and the bus capacitor (C1, C2).