A semiconductor module includes a base plate for dissipating heat and a body having a bottom surface facing the base plate, a top surface opposite the bottom surface, and side surfaces between the bottom and top surfaces, wherein a first main electrode through which a first main current flows faces a first side surface among the side surfaces, and a second main electrode through which a second main current flows faces a second side surface opposite the first side surface. A power conversion apparatus includes a plurality of the semiconductor modules, wherein a cylindrical section is formed by arranging the semiconductor modules to surround a predetermined position, some of the first and second main electrodes are arranged on a first ring-shaped end surface at one end of the cylindrical section, and remaining electrodes are arranged on a second ring-shaped end surface at another end of the cylindrical section.