Disclosed is a large-capacity isolated DC/DC converter based on a multi-phase three-level inverter. If the converter is configured to comprise 2m input phases, m bridge arms and n gain units, the converter consists of a DC input voltage source, m bridge arms, 2m high-frequency transformers T1, T2, T3...T2m having a transformation ratio of 1: k, n gain units, an output filter capacitor C0, an output diode D0 and a load RL, wherein each bridge arm comprises four power switches and two diodes, and a DC power supply is connected in parallel to the upper and lower sides of the bridge arms. Amongthe gain units, the gain unit 1 comprises (2m-1) capacitors and (2m-1) diodes, and the gain unit 2 to the gain unit n respectively comprise 2 m capacitors and 2 m diodes. Compared with the existing three-level isolated DC/DC converter, the number of the bridge arms can be adjusted freely, the current of each bridge arm is automatically equalized, the voltage stress and current stress of all switches and diodes are significantly reduced and adjustable, and the input and output gains are high and also adjustable, so the converter is suitable for large-capacity and electrically isolated input andoutput applications.