A power conversion system according to the present disclosure includes a first circuit, a second circuit, and a third circuit. The first circuit has a first external terminal thereof electrically connected to either an AC power supply or an AC load. In the power conversion system, a first internal terminal, a second internal terminal, and a third internal terminal are electrically connected to the same connection unit. The second circuit controls a current or power being input to, or output from, the second circuit itself such that the current or the power is synchronized with power ripples caused by the AC power supply or the AC load. Either the AC power supply or the AC load is electrically connected to the first circuit.