A power conversion apparatus includes a semiconductor module that includes a main body containing at least one semiconductor element, power terminals projecting from the main body to be connected to a high-voltage DC power supply and high-voltage signal terminals projecting from the main body, and is configured to convert a DC power supplied from the high-voltage DC power supply to an AC power by switching operation of the semiconductor element. The power conversion apparatus further includes a low-voltage component connected to a low-voltage DC power supply and a control circuit board on which a control circuit for controlling the switching operation of the semiconductor element is formed. The control circuit board is connected with low-voltage signal terminals extending from the low-voltage component and the high-voltage signal terminals. The low-voltage and high-voltage signal terminals are solder-connected to the control circuit board.