According to an embodiment, a power supply system for an electric motor car includes a first terminal, a second terminal, and a conversion unit. The first terminal is electrically connected to one of a power storage device and an overhead wire provided within a formation of electric motor cars. The second terminal is electrically connected to a lead wire together with a plurality of electric motors within the formation, a host power supply device, an external power supply device different from the host power supply device. The conversion unit receives first electric power supplied from the plurality of electric motors and the external power supply device via the second terminal and causes a direct current (DC) voltage to be generated at the first terminal according to a regenerative operation of the conversion unit to charge the power storage device in a first operation state and receives second electric power supplied from one of the power storage device and the overhead wire via the first terminal, converts a part of the second electric power into third electric power according to a powered operation of the conversion unit, and outputs the third electric power from the second terminal in a second operation state, thereby converting electric power.