Abstract: With the promotion of user-side distributed power supply and the increasing proportion of new loads such as electric vehicles, the structure and power supply reliability of traditional distribution network have been impacted, while users' requirements for power supply performance have been increasing. Flexible interchange technology based on full control power electronic devices provides a way to solve this problem. AC-DC hybrid distribution network based on flexible interchange technology has more flexible power scheduling ability, higher power supply reliability and stronger absorption ability of distributed power supply. The flexible interchange system of low-voltage AC/DC distribution network is one of the important development trends of smart distribution network. This paper briefly describes the present situation of low voltage AC/DC distribution network and expounded the basic principle of flexible interchange technology in power distribution networks and the typical architecture, secondly introduces the flexible interchange mathematical model of low voltage AC/DC distribution network. The related technologies of system operation control are summarized, and the typical application scenarios of flexible interchange are described. Finally, the key problems in the development of flexible interchange system are summarized, and the application development in this field is prospected.