This paper proposes a novel single-phase ac-ac converter topology based on the Z-source concept. The converter provides buck-boost function and plays the role of frequency changer. Compared to the traditional ac-dc-ac converter, it uses fewer devices, realizes direct ac-ac power conversion, and has a simpler circuit structure, so as to have higher efficiency and better circuit characteristics. Compared to the traditional matrix converter, it provides a wider voltage regulation range. The circuit topology, operating principle, control method and simulation results are given in this paper, and the rationality and feasibility is verified.