The disclosure relates to a power conversion module, including: a substrate including a routing layer and an insulating layer, the routing layer including a first routing area and a second routing area; an electronic device provided on the first routing area and electrically connected to the first routing area and the second routing area, respectively; a vertical type power device provided on the second routing area and electrically connected to the second routing area; and a capacitor provided on the substrate, disposed between the electronic device and the vertical type power device, and electrically connected to the electronic device and the vertical type power device, respectively. The power conversion module is provided with all devices on the same substrate, thus cost is reduced, yield rate and reliability are improved, and parasitic inductance inside the power conversion module can be reduced.