The invention discloses a DC switching power supply conversion circuit with step-down and step-up functions, belonging to the technical field of switching power supplies, comprising an input positiveelectrode, an input negative electrode, a step-up and step-down voltage control terminal, a PWM control terminal, resistors R1, R2 and R3, diodes D1, D2, D3, D4, D5, operational amplifiers N1A and N1B, an inductor L1, a capacitor C1, an N-channel field effect transistor V2, a P-channel field effect transistor V1, an output negative electrode and an output positive electrode. When the input level of the step-up and step-down control terminal is low, the forward input terminal of the operational amplifier N1B can be pulled low through the diode D5, so that the circuit operates in the BUCK step-down mode; When the input level of the step-up and step-down control terminal is high, the reverse input terminal of the operational amplifier N1A can be pulled high through the diode D4, so that the circuit operates in a BOOST step-up state. The invention realizes the step-down and step-up functions, and has the advantages of good practicability, high economy and high efficiency.