The invention relates to a single-phase X-shaped staggering three-level AC voltage regulating circuit including a main circuit part and a switch tube protection part. The main circuit part includes a power source Ui, an inductor Li, an inductor Lo, a capacitor C1, a capacitor C2, a capacitor C, an IGBT switch tube S1, an IGBT switch tube S2, an IGBT switch tube S3, an IGBT switch tube S4, an IGBT switch tube S5, an IGBT switch tube S6, a diode D1, a diode D2, a diode D3, a diode D4, a diode D01, a diode D02, a diode D03, a diode D04, a diode D05, a diode D06, a diode D07, a diode D08 and a resistor R. The switch tube protection part includes an inductor Lr, a capacitor Cr and a capacitor CS. The quantity of involved components and parts is small and the cost is low. The structure of the voltage regulating conversion circuit is simple. Reverse phase voltage adjustment of input and output can be realized. The circuit provided by the invention has advantages of single-stage conversion, small quantity of output voltage harmonics, low voltage stress and large output voltage regulation range.