A power conversion module includes a high-voltage side, a low-voltage side, a magnetic element, a high-voltage side circuit, and a low-voltage side circuit. The first end includes a high-voltage positive terminal and a high-voltage negative terminal. The second end includes a low-voltage positive terminal and a low-voltage negative terminal. The magnetic element includes two first windings. The high-voltage side circuit is electrically connected with the high-voltage positive terminal and the high-voltage negative terminal. The low-voltage side circuit is electrically connected with the low-voltage positive terminal and the low-voltage negative terminal. At least one AC loop includes at least one of the first windings, at least one part of the high-voltage side circuit and the low-voltage side circuit. The high-voltage side circuit and the low-voltage side circuit are located at a same side with respect to the magnetic element.