A power conversion device includes a plurality of leg circuits and a control device. The control device controls an output voltage at a first converter cell, which is controlled not based on the circulating current, based on a first voltage instruction value. The control device controls an output voltage at a second converter cell using a first value based on a deviation between a circulating current and a circulating current instruction value and a second value based on a deviation between a capacitor voltage and a capacitor voltage instruction value in the second converter cell. When the capacitor voltage at the second converter cell is less than a first threshold, the control device linearly combines an auxiliary voltage instruction value including at least one of a DC component and a fundamental AC component of the AC circuit with the first value and the second value.