Provided is a power conversion device capable of achieving a stable and highly precise velocity control characteristic even during a regenerative operation in a low-velocity region. This power conversion device is equipped with: a velocity estimation operation unit (5) that outputs an estimated velocity value É 1 ^ for an induction motor (1); an output frequency operation unit (7) that outputs an output frequency value É 1 * , which is an addition value obtained by adding the estimated velocity value É r ^ and the sliding frequency value É s * of the induction motor; and a velocity command adjustment operation unit (9) that, when the output frequency value É 1 * is equal to or less than a fixed value É l * 1v1 , controls the velocity command value É s * or the estimated velocity value É r ^ of the induction motor (1) so as to make the output frequency value É l * equal to or greater than the fixed value É l * 1v1 .