Provided is a compact power conversion device which is excellent in liquid tightness and has high reliability of a terminal connection portion. A power conversion device according to the present invention includes: a case that houses a power semiconductor; a flow path forming body that forms a flow path with an outer surface of the case; a first fixing material in contact with a refrigerant flowing in the flow path; and a second fixing material that is in contact with the first fixing material and the flow path forming body and covers a direction of displacement of the case of the first fixing material caused by water pressure.