A liquid ejection apparatus includes a liquid ejection head that ejects a liquid by driving a drive element, a drive signal output circuit that outputs a drive signal for driving the drive element, and a substrate provided with the drive signal output circuit, wherein the drive signal output circuit includes a modulation circuit that modulates an original drive signal to output a modulation signal, an amplifier circuit that amplifies the modulation signal to output an amplified modulation signal, and a demodulation circuit that demodulates the amplified modulation signal to output the drive signal for driving the drive element, and wherein the demodulation circuit is located, on the substrate, between the modulation circuit and the amplifier circuit.