The invention relates to an LED (light emitting diode) driving power supply with a high power factor and without electrolytic capacity. The LED driving power supply mainly comprises an alternating current input power supply, a monophase uncontrolled rectifier bridge, a main DC (direct current)/DC conversion circuit, an auxiliary DC/DC conversion circuit, an energy storage capacitor and a filter capacitor. The LED driving power supply is mainly and technically characterized in that the auxiliary DC/DC conversion circuit is merged into the input end of the main DC/DC conversion circuit, and has the functions of balancing an instantaneous power between input and output to be without the electrolytic capacity and compensating a current wave shape on the input end to realize the high power factor. By the adoption of the driving power supply, the defect that a three-time harmonic wave injection method is limited by the power factor is made up, and a method of double frequency current wave shape fitting can be further adopted, thus the acquisition of a reference current wave shape is further simplified, and the controlling is facilitated. As a voltage ripple on the energy storage capacitor has no requirement, needed capacity values of the energy storage capacitor and the filter capacitor are extremely small, a film capacitor or a ceramic capacitor and the like can be directly adopted, the driving power supply has the advantages of long service life and the like, and is suitable for places of a public driving power supply of an LED with large power.