The invention relates to a novel multilevel converter with a common direct current side capacitor. When 2k+j (k is a positive integer, j is equal to 1 or 2) level is output, the common direct currentside capacitor is formed by connecting (2k+j-1) voltage equalization capacitors in series; any bridge arm is formed by connecting 2(2k+j-1) switches composed of a controllable power device with an anti-parallel diode; 2k layers are provided in nodes between the voltage equalization capacitors; k forward and reverse switch branch circuits are respectively extracted from two ends to the middle part;the other ends of the branch circuits are connected to corresponding layers, from two ends to the middle part, of the node between the bridge arms, wherein the ith branch circuit is formed by connecting i switches in series (i= 1,2...k). When j is equal to 1, the k forward and reverse switch branch circuits have a common connection point, and the switches can only retain the anti-parallel diodes;or the two branch circuits are connected in series, the two ends are respectively connected to a middle point of the common direct current side capacitor and the bridge arms. According to the novel multilevel converter with the common direct current side capacitor, the number of devices used in the multilevel converter is decreased and the size and complexity of the system are reduced. In a multi-phase equilibrium system, the capacitance required by the multilevel converter is significantly reduced.