A power conversion device includes a power conversion circuit unit including a plurality of leg circuits, and a control device. Each of the leg circuits includes a plurality of first converter cells each having a capacitor and connected in series to each other and a plurality of second converter cells each having the capacitor and connected in series to each other. The plurality of first converter cells are controlled not based on a circulating current circulating between the plurality of leg circuits, and the plurality of second converter cells are controlled based on the circulating current. The control device stops a switching operation of at least one second converter cell in the plurality of second converter cells when a voltage at the capacitor in the second converter cell becomes less than a first threshold.