The invention discloses a high-speed high-accuracy digital-to-analog conversion circuit. The circuit comprises a reference voltage generation circuit, a reference voltage-to-reference current conversion circuit, a coding circuit, a current source matrix and a switch array, wherein the coding circuit has a two-stage water-flowing type coding structure, a switch driving circuit array is connected between the two-stage water-flowing type coding circuit and the switch array, and a two-stage clock delay circuit is connected between a clock input signal and the two-stage coding circuit and provides a clock signal to the two-stage water-flowing type coding circuit; and the current source matrix, a current switch and the coding circuit have a '5+4+5' segmental structure, namely high 5 bits and middle 4 bits have a thermometer code structure, and low 5 bits have a binary code structure. The high-speed high-accuracy digital-to-analog conversion circuit effectively reduces the area and the power consumption of chips, reduces the complexity of the coding circuit, increases conversion rate, reduces burrs, and improves the dynamic characteristics of a digital-to-analog converter. The high-speed high-accuracy digital-to-analog conversion circuit is used for digital processing systems, audio / video conversion systems and communication systems.