A transformerless power conversion circuit is interconnected with an electric grid and converts an input DC power provided by a power generator into an AC power and feeding the AC power into the grid. The power conversion circuit includes a buck-boost converter converting the input DC power into two sets of DC power levels; and at least one half-bridge inverter converting the two sets of DC power levels into the AC power for feeding into the grid. The isolating transformer can be eliminated and the common ground problem for DC side and AC side is also solved. The power conversion circuit has significant improvement for device size, manufacture cost and conversion efficiency.