In a power conversion apparatus that is configured to cool switching elements by using a boiling-refrigerant-type cooling device that uses a boiling phenomenon of a refrigerant included therein, an inverter control unit that controls the switching elements (Su to Sz) by generating a gate command capable of stabilizing boiling of the refrigerant includes a modulation-mode selection unit that determines stability of the cooling device based on an element-temperature estimation value that is an estimated temperature of the switching elements (Su to Sz), and that decides and selects a modulation mode PM for controlling the switching elements (Su to Sz) based on a determination result, and a gate-command generation unit that generates a gate command G based on the modulation mode PM selected by the modulation-mode selection unit.