A three-level power conversion apparatus can suppress fluctuation in a neutral point voltage even when operated as a reactive power regulator. The three-level power conversion apparatus is composed of first and second three-level converters connected to an AC power supply, positive side and negative side DC capacitors, a three-level inverter to drive an AC motor, and converter control unit for controlling the three-level converters. The converter control unit has first and second reactive current controllers for controlling so that reactive portions of input currents of each three-level converter become a prescribed reactive current reference, first and second neutral point voltage fluctuation suppressing units for controlling a PWM controller, to make a voltage difference of two DC capacitors zero, and an active current controller for supplying a prescribed circulating active current from one three-level converter to other three-level converter.