A power conversion module includes an input port, an output port, a full-bridge switching circuit, a magnetic device, an energy storage capacitor set and a rectifier circuit. The magnetic device includes a first coupled winding pair and a second coupled winding pair. The first coupled winding pair includes a first winding and a second winding, which are coupled to each other. The second coupled winding pair includes a third winding and a fourth winding, which are coupled to each other. The first winding and the third winding are connected between a first bridge arm and a second bridge arm of the full-bridge switching circuit. The energy storage capacitor set is electrically connected with the input port, and electrically connected with the first winding and the third winding. The rectifier circuit is electrically connected with the second winding, the fourth winding and the output port.