A power conversion device including: a first capacitor and a second capacitor which are connected to each other in series; a plurality of first power semiconductor modules having terminals disposed on one surface; a plurality of second power semiconductor modules having terminals disposed on one surface; and a laminated bus bar connecting the first capacitor and the second capacitor and the plurality of modules, wherein the first power semiconductor modules and the second power semiconductor modules are disposed in such a manner that their respective output terminals face each other in a disposition direction of the terminals, and in the laminated bus bar, an output bus bar connecting the output terminals of the first power semiconductor modules and the second power semiconductor modules to each other is held in an insulated manner in an opening portion provided to the intermediate bus bar.