An induction heating power supply apparatus includes a smoothing section to smooth DC power and an inverter section to convert the smoothed DC power into AC power. The inverter section has first and second modules, each having serially connected switching devices. Output bus bars are interposed between the first and second modules. The smoothing section has first bus bars connected to a DC power supply section and the first module, a capacitor connected to the first bus bars, second bus bars connected to the DC power supply section and the second module, and another capacitor connected to the second bus bars. The first and second bus bars extend parallel to the output bus bars. The first module is interposed between the first bus bars and the output bus bars. The second module is interposed between the second bus bars and the output bus bars.