Disclosed is a power conversion device which achieves reductions in switching loss due to a reverse recovery current and heat generation loss. Specifically disclosed is a power conversion device provided with a cascode element configured by electrically connecting a normally-on switching element and a normally-off switching element in series and connecting a gate terminal of the normally-on switching element and a source terminal of the normally-off switching element via a cascode connection diode, and a high-speed diode electrically connected in parallel with the cascode element and having a cathode region connected to a positive electrode terminal and an anode region connected to a negative electrode terminal.