A power conversion apparatus includes a first semiconductor element pair that includes a MOSFET made of wide bandgap semiconductor material and a wide bandgap diode made of wide bandgap semiconductor material which is reverse parallel-connected to the MOSFET, a second semiconductor element pair that includes an IGBT made of silicon semiconductor material and a silicon diode made of silicon semiconductor material which is reverse parallel-connected to the IGBT, and a control circuit section for controlling switching operation of the MOSFET and the IGBT. The first and second semiconductor element pairs are connected in series to each other.