A power conversion device includes: a DC current calculation unit for calculating a circulating current component for each phase which circulates between the phases through first arms and/or second arms not via an AC power supply and a DC power supply; and a circulating current control unit for controlling the circulating current component for each phase so as to follow a predetermined circulating current command value, thereby reliably suppressing variation in voltages of DC capacitors of unit cells among the phases even in such a case where an impedance is additionally inserted in a DC circuit.