An electric power conversion apparatus has an input and output terminal, and a switch unit, and turns on and off the switch unit to transfer electric power from an electric storage unit connected to the input terminal to a power supply target connected to the output terminal. When reverse conduction current flows in the switch unit, it causes a larger conduction loss in an off state than an on state. The apparatus includes: a control unit that determines whether there is a request for increasing an amount of heat generation due to the electric power transfer, and when it is determined that there is the request, turns off the switch unit in which the reverse conduction current flows during the electric power transfer and, when it is determined that there is no request, turns on the switch unit in which the reverse conduction current flows during the electric power transfer.