In a power converting apparatus having a plurality of phases on an AC side and configured to perform conversion between DC power and AC power, a current detector detects currents flowing through a DC source line through which a plurality of phase currents commonly flow. A control unit sets a current detection period and a succeeding current control period in each successive control cycle. Using first gate signals based on reference gate signals for PWM control, the control unit calculates values of the individual phase currents from the first gate signals and the detected currents during the current detection period. Then, during the current control period, the control unit performs PWM control using phase voltage commands generated by correcting phase voltage target values so as to cancel out voltage errors that occur during the current detection period.