A conventional DC/DC converter with both a step-up function and a step-down function has a drawback that its output voltage will be discontinuous when its operations are switched. An error signal, which is representative of a difference between a target voltage and a present voltage, is inputted to both a step-down switching control circuit and a step-up switching control circuit. When the difference between the target voltage and the present voltage is below a predetermined value, the switching of the step-down and step-up converters by the step-down and step-up switching control circuits, respectively, are caused to concurrently run in a time division manner.