AC-DC-AC traction substation can realize the comprehensive treatment of power quality of electrified railway and has the ability of continuous power supply. However, the traditional AC-DC-AC traction substation scheme is difficult to transform based on the existing traction substation, and has weak adaptability and poor fault tolerance performance under the fault conditions. To solve these problems, a scheme of AC-DC-AC traction substation with strong adaptability and high fault tolerance is proposed. The scheme retains the main circuit form of the traditional traction substation, and it connects a set of rectifiers to the secondary windings of the three-phase-two-phase traction transformer respectively, and the DC-links is connected in parallel to form the common DC bus. The DC input of the inverter is connected to the common DC bus and the output is connected to the traction network, which solves the problems of power quality and phase separation. Compared with the existing AC-DC-AC traction substation scheme, the proposed scheme is of little difficulty, strong adaptability and high reliability. The simulation model is established in MATLAB/Simulink and the simulation analysis is carried out, which verifies the feasibility and correctness of the scheme.