The invention discloses a multi-level voltage source current converter comprises at least one phase unit. Each phase unit comprises an upper bridge arm, a lower bridge arm and a current conversion electric reactor, wherein the upper bridge arm and the lower bridge arm respectively comprise at least two sub-modules, a switch loop and a bridge arm electric reactor all of which are sequentially connected in series; all sub-modules in the same bridge arm are connected in series in the same direction; the sub-modules, connected with the switch loop, in the upper bridge arm are opposite to the sub-modules, connected with the switch loop, in the lower bridge arm in polarity; one end, connected with the electric reactor in series, of the upper bridge arm and one end, connected with the electric reactor in series, of the lower bridge arm are connected and have access to an alternating current network through the current conversion electric reactor; the other end of the upper bridge arm and the other end of the lower bridge arm serve as a first direct current endpoint and a second direct current endpoint of the phase unit respectively to have access to a direct current network. Each switch loop comprises a plurality of anti-parallel thyristor pairs which are connected in series. The multi-level voltage source current converter is applied to flexible direct-current transmission and the like, and has the advantages of being small in number of the sub-modules, low in cost, small in consumption, capable of effectively blocking fault currents when the direct current side breaks down, and the like. The invention further discloses a control method of the multi-level voltage source current converter.