The invention discloses a current equalization circuit for a multi-module shunt-wound power supply. The current equalization circuit comprises a sampling resistor R1, an operational amplifier N1 and a divider resistor R2, and further comprises a diode V1, an operational amplifier N4, a divider resistor R10, a divider resistor R11, a divider resistor R12, a grounding resistor R13 and a feedback resistor R14, wherein one end of a divider resistor R4 is connected with the positive input terminal of the operational amplifier N1, and other end of the divider resistor R4 is grounded. When the current equalization circuit works, the module with the maximum output current, in a plurality of shunt-wound modules, automatically serves as a main module, and other modules are slave modules; voltage errors of all the modules are sequentially regulated to correct unbalanced current distribution of a load; when the gross power of a system has a larger margin in comparison with the load, the failure of a single module can not influence the normal operation of the shunt-wound power supply; and as a redundant design of the shunt-wound power supply is added, the product reliability is effectively improved.