A power conversion apparatus includes an electric component, a housing, and a flow channel formation unit. The electric component configures at least a part of a power conversion circuit. The housing stores the electric component, and the electric component is fixed to the housing. The flow channel formation unit forms a refrigerant flow channel through which a refrigerant flows, and is thermally connected to the electric component. The flow channel formation unit is a member different from the housing, and an elastically deformable spacer is provided between the flow channel formation unit and the housing.