A buck-boost converter changes voltage levels by switching an inductor on and off. When the switch is ON, the inductor stores energy from the input, increasing its current. When the switch turns OFF, the inductor releases this energy through a diode to the output, which can raise the output voltage above the input level. This cycle repeats continuously, allowing the output voltage to be either higher or lower than the input voltage depending on the timing. The diode conducts only when the switch is OFF, preventing current from flowing backward. The inductor current rises during the ON phase and falls during the OFF phase. This process enables efficient voltage regulation in many electronic devices.