In general, according to an embodiment, a power conversion apparatus includes a first inverter, second inverter and a cooler. The first inverter includes a plurality of semiconductor devices connected together in parallel per phase. In the second inverter, the number of parallel-connected semiconductor devices are two or more per phase, the semiconductor devices are connected together in parallel and the number of parallel-connected semiconductor devices in the second inverter is fewer than that in the first inverter per phase. The semiconductor devices in the first inverter are installed in an area of a cooling surface of the cooler positioned over a first channel. The semiconductor devices in the second inverter are installed in an area of the cooling surface positioned over the second channel.