The invention discloses an LED (Light-Emitting Diode) television two-in-one power supply circuit and an LED television. The LED television two-in-one power supply circuit comprises a rectifying and filtering module, a PFC (Positive Feedback Circuit) module, a reverse excitation circuit module, an LLC (Logical Link Control) half-bridge resonant module, a constant-current module, a feedback module and an LLC control module. Alternating current is partitioned into two paths after being rectified and filtered and corrected by the PFC module; one path is used for supplying power to a motherboard core through the reverse excitation circuit module; and the other path is used for supplying power to an LED light bar through the LLC half-bridge resonant module. Power is supplied separately with two paths since voltages needed by the LED light bar and the motherboard core are different, so that the power supply efficiency is increased, and the element cost is lowered. The LLC control module is fed back to the primary stage of an LLC transformer of the LLC half-bridge resonant module, so that the resonant groove state is monitored in real time, and complete protection is realized. Moreover, the transformer does not need to be driven, so that the quantity of safety devices is small.