A power conversion device includes a switching circuit with multiple series circuits having upper arm switching elements connected in series with lower arm switching elements, receives DC power to generate AC power for a permanent magnet motor; a control circuit that calculates a state of the switching elements based on input information for each control cycle, and generates a control signal for controlling switching elements according; and a driver circuit that generates a drive signal that renders the switching elements conductive or non-conductive on the basis of the control signal from the control circuit. The control circuit predicts a locus of a d-axial magnetic flux and a locus of a q-axial magnetic flux, and calculates the state of the switching elements so that the d-axial magnetic flux falls within a given d-axial magnetic flux fluctuation range, and the q-axial magnetic flux falls within a given q-axial magnetic flux fluctuation range.