A power conversion apparatus with dual-mode control includes a bridge arm assembly, a capacitor assembly, and control unit. The bridge arm assembly includes a first bridge arm and a second bridge arm. The control unit selectively controls the first bridge arm to be operated in a voltage source switching mode or a current source switching mode according to the load type of a first load, and controls the second bridge arm to be operated in the voltage source switching mode or the current source switching mode according to the load type of a second load.