The invention discloses an LED drive circuit and method based on voltage memory and segmented current limiting. The circuit comprises a rectifying circuit, a voltage division circuit, a voltage increasing and reducing detection module, a voltage memory module, a comparator set, a control logic module, a high-voltage switch circuit, a detection resistor, a current detection comparator and an LED lamp string. According to the drive method of the circuit, according to the increasing and reducing characteristics of the directly-rectified direct-current ripple voltages, the segmented type lightening control mode is adopted in the load of the LED lamp string. The drive circuit solves the problem of the influence of the difference of voltage current characteristics of an LED chip adopted by the lamp string in the actual application on drive currents, the work current of the LED lamp string in the whole work period is limited within the designed largest current value Imax, the problems of lower brightness caused by undercurrents and damage, caused by overcurrents, to the LED chip are solved, the light-emitting efficiency of the LED lamp is improved, and meanwhile overcurrent protection can be carried out on an LED device well.