In a power conversion apparatus that converts AC power to DC power, an inverter circuit including one or more single-phase inverters connected in series with each other is connected in series at the subsequent stage of a rectification of an AC input. At the subsequent stage of the inverter circuit, a smoothing capacitor connected via a rectification diode, and a short-circuiting switch for bypassing the smoothing capacitor are provided. The short-circuiting switch is subjected to ON/OFF control by PWM control such that a voltage of the DC voltage supply of the inverter circuit follows a target voltage. The inverter circuit is subjected to output control such that a DC voltage of the smoothing capacitor follows a target voltage and an input power factor is improved.