Disclosed herein is a five-level rectifier that includes first, second, third, fourth power semiconductor switches, first and second DC bus capacitors, a phase capacitor, and first, second, third and fourth diode modules. The first, second, third and fourth diode modules are connected in series, the first and second DC bus capacitors are connected in series, and the second and third power semiconductor switches are connected in series. The first diode module is connected to the first DC bus capacitor and the first power semiconductor switch, and the fourth diode module is connected to the second DC bus capacitor and the fourth power semiconductor switch. The phase capacitor has a terminal connected to the first and second power semiconductor switches, and another terminal connected to the third and fourth power semiconductor switches.