The invention provides a dimmable LED (Light-Emitting Diode) driving circuit and a driving method. An input current in a first power-level circuit is controlled as a square wave signal within a rectifier conducting time interval by an input current control circuit, the peak value of the input current is a constant value and meets the requirement of the minimum load current of an electronic transformer, and the valley value of the input current is zero; and the input current is kept at zero within a rectifier nonconducting time interval. The load current of the electronic transformer can be kept larger than the minimum load current, and thus, a normal working state can be kept in the working process, and the problem of LED load flicker caused by the switching off of the electronic transformer is avoided; in addition, information on the input current is detected through a dimmable signal generating circuit so that a dimmable signal for representing information on a conduction angle of a rectifier is obtained, an LED load is precisely dimmed, the dimming range is wide, and the dimming effect is good; and finally, constant-current control for the current of the LED load is realized by an output current control circuit, and therefore, the brightness stability of the LED load is ensured.