The DC-DC converter has a configuration in which a first full-bridge circuit and a second full-bridge circuit are connected via a transformer. A control circuit controls soft switching of each switching element. An inductor current flowing through the transformer or an equivalent inductor equivalent to the transformer at a time of switching of turning on or off each switching element is greater than or equal to a threshold current. When the first full-bridge circuit and the second full-bridge circuit have different output voltages V1 and V2, the control circuit causes the inductor current at start times t4 and t8 of a polarity inversion period to approach the inductor current at end times t5 and t9, the polarity inversion period being a period in which V1 and V2 have reverse polarities. This suppresses an increase in loss resulting from a flow of large current and enables ZVS control.