A conversion circuit for connecting a two-wire circuit and a four-wire circuit to each other comprises a transformer having a primary side and a secondary side, the primary side being connected to a two-wire circuit having a variable impedance, a first amplifying circuit having a first input terminal connected to the secondary side of the transformer for receiving an audio frequency signal from the two-wire circuit and a second input terminal, the first amplifying circuit having an output terminal connected to a reception-side line of a four-wire circuit, a second amplifying circuit having an input terminal connected to a transmission-side line of the four-wire circuit and an output terminal connected to the secondary side of the transformer for sending out an audio signal on the transmission-side line to the two-wire circuit, a plurality of impedance matching circuits having respective impedances each determined so as to simulate one state of the variable impedance of the two-wire circuit, and a switch for selectively connecting one of the plurality of impedance matching circuits to the second input terminal of the first amplifying circuit.