Due to the limits of its voltage withstanding capability， a single insulated gate bipolar transistor（IGBT） cannot meet the need of high-voltage and high-power conversion， such as for energy saving and power quality improvement， voltage source converter based high voltage direct current（VSC-HVDC） transmission， high-voltage frequency converter， static synchronous compensator（STATCOM）， active power filter， and so on. For such applications， serial-connected IGBTs are good choice. This paper proposes an adaptive dynamic voltage-sharing circuit for serial-connected IGBTs and discusses in details. The performance of the circuit is proved through simulations and experiments. Based on the proposed circuit， a full-bridge inverter demonstration system is developed that consists of four sets of five serial-connected IGBTs. Experimental results of the demonstration system show that each IGBT with a rated voltage of 1 200 V works stably at 900 V， while the voltage utilization efficiency is 75%， indicating the highly practical value of the proposed circuit.