In a gate drive circuit, a gate voltage limiting circuit limits a gate voltage equal to or lower than a first limiting voltage in a first period, and limits the gate voltage equal to or lower than a second limiting voltage in a second period. A gate voltage generation circuit generates a drive voltage having a first set value, which is determined to operate the transistor in an active region, in the first period, and generates the drive voltage having a second set value, which is determined based on a gate withstand voltage of the transistor and loss in an on operation of the transistor in a saturated region, in the second period. The first limiting voltage is higher than the first set value by a predetermined value. The second limiting voltage is higher than the second set value by a predetermined value.