A power conversion device includes a power converter including a plurality of arms and a control device to control voltages of a plurality of sub modules by PWM control using a carrier signal for each sub module. The sub module includes a plurality of switching elements, a power storage element, a pair of output terminals, and a bypass switch. When the control device detects failure of a sub module in an arm, it performs stop processing for stopping a switching operation of the plurality of switching elements included in at least one sub module of the plurality of sub modules in the arm and has the sub module failure of which was detected bypassed. After the control device performs the stop processing, it equalizes intervals among phases of carrier signals of a plurality of normal sub modules in the arm caused by failure of the sub module.