A power conversion apparatus is provided in which an upper arm semiconductor device, a lower arm semiconductor device and a capacitor. At least either upper arm semiconductor device or lower arm semiconductor device constitutes a parallel-connected body. In an opposite arm against the parallel-connected body, a permissible element is provided. In the switching elements that constitute the parallel-connected body, a last off element and a non-last off circuit are identified. Inductance of a last off closed circuit where current flows through the last off element, reflux element in the opposite arm and the capacitor is smaller than inductance of a non-last off closed circuit where current flows through the last off element, reflux element in the opposite arm and the capacitor.