A power supply system includes first and second DC power supplies and a power converter having first to fifth semiconductor elements and first and second reactors. The first and fourth semiconductor elements are electrically connected between a first node and a second node, and a first power line, respectively. Second and third switching elements are electrically connected between the first node and the second node, and a second power line, respectively. A fifth switching element is electrically connected between the first node and the second node. The first reactor is electrically connected in series with the first DC power supply, between the first node and the second power line. The second reactor is electrically connected in series with the second DC power supply, between the first power line and the second node.