Power converter is an important part of switched reluctance motor control system. It provides excitation and demagnetization voltage for phase windings, and its performance will directly affect system performance. A new type of five-level power converter is proposed in this paper. The DC side is connected in series with two capacitances. The midpoint of the capacitances is connected to each end of the winding through two switches respectively, and it can work in five different operating modes by controlling the ON-OFF states of switches. Compared with the traditional power converter, the proposed power converter provides more voltage selection, which is beneficial to improve the output performance of the motor. Finally, the control performance of the proposed topology is compared with that of the traditional topology by simulation and experiment. The control method is direct instantaneous torque control. Simulation and experimental results show that the new five-level power converter has better torque ripple suppression effect.