A power conversion module includes a circuit carrier board, a semiconductor module and an inductor module. The circuit carrier board has plural bonding pads. The semiconductor module is disposed on a first surface of the circuit carrier board. The inductor module has plural pins. The pins are extended from the inductor module along a first direction and connected with corresponding bonding pads on the circuit carrier board, so that a receptacle is defined between the inductor module and the circuit carrier board for accommodating the semiconductor module.