A voltage-source multi-level converter, characterized in that the converter comprises at least one phase unit (O); each phase unit comprises a first bridge arm and a second bridge arm ; a first terminal of the first bridge arm is taken as a first DC terminal (P) of the phase unit; a first terminal of the second bridge arm is taken as a second DC terminal (N) of the phase unit; and a second terminal of the first bridge arm and a second terminal of the second bridge arm are shorted together, as an AC terminal (A) of the phase unit; the first bridge arm comprises at least two switchable first modules and one first reactor connected in series; a first terminal of the first reactor is connected to the AC terminal (A) of the phase unit; a second terminal (X1) of the first reactor is connected to a first terminal of the at least two first modules connected in series; and a second terminal of the at least two first modules connected in series is connected to the first DC terminal (P) of the phase unit; the second bridge arm comprises at least two switchable second modules and one second reactor connected in series; a first terminal of the second reactor is connected to the AC terminal (A) of the phase unit; a second terminal of the second reactor is connected to a first terminal of the at least two second modules connected in series; a second terminal of the at least two second modules connected in series is connected to the second DC terminal (N) of the phase unit; and a parallel fault shunt circuit is connected between the second terminal of the first reactor and the second terminal of the second reactor ; wherein the voltage-source multi-level converter is configured that the parallel fault shunt circuit is triggered after a AC side switch (ACB1, ACB2) in the converter is switched off to share the current of a fault loop, so as to accelerate a DC side switch to disconnect the fault; and each of the first modules and the second modules comprises: a first turn-off semiconductor switch (O1) and a second turn-off semiconductor switch (O3) connected in series, a first diode (O2) connected in anti-parallel with the first turn-off semiconductor switch , a second diode (O4) connected in anti-parallel with the second turn-off semiconductor switch (O3), and an energy storage element (C), wherein the energy storage element (C) is connected in parallel with a series branch of the first turn-off semiconductor switch (O1) and the second turn-off semiconductor switch (O3); and a negative terminal of the first turn-off semiconductor switch (O1) is connected to a positive terminal of the second turn-off semiconductor switch (O3), a connection point thereof is taken as a second terminal of the first module , and a negative terminal of the second turn-off semiconductor switch (O3) is taken as a first terminal of the first module ; or a positive terminal of the second turn-off semiconductor switch (O3) is taken as a second terminal of the first module , a negative terminal of the second turn-off semiconductor switch (O3) is connected to a positive terminal of the first turn-off semiconductor switch O1), and a connection point thereof is taken as a first terminal of the first module . <EOS>