The invention discloses an AC / DC power supply 
system which comprises an 
AC power supply, a 
power factor correction (PFC) circuit, a 
control circuit, a 
bus capacitor, a switching circuit, a DC / DC isolating power stage, an output 
capacitor and an output load, wherein inputs of a PFC module are the 
AC power supply; an output of the PFC module is 
bus voltage; an input of the switching circuit is the 
bus voltage; outputs of the switching circuit are four terminals; the terminals by two groups are respectively connected with two input ends of a DC / DC module; and output ends of the DC / DC module are connected in parallel, and supply power to the output 
capacitor and the load. The 
control circuit sets output 
voltage of the PFC module according to an effective value or a 
peak value of detected inputvoltage, and controls operation of the PFC circuit according to a detection 
signal Vbus_s and a PFC sampling 
signal, so that a PFC function and 
bus voltage Vbus stabilization are achieved. In addition, the 
control circuit controls the switching circuit to change a connection manner of the DC / DC module according to an effective value or a 
peak value of detected input voltage, or directly changes an 
operation mode of backward-stage DC / DC by a 
control signal, so that the power supply 
system operates in an optimal operation state.