A DC/DC converter is disclosed. The DC/DC converter includes a first heavy-load electronic switch and a second heavy-load electronic switch connected in series between an input terminal and ground at a first output portion, a third light-load electronic switch and a fourth light-load electronic switch connected in series between the input terminal and ground at a second output portion, an output circuit, an output current measurement circuit, and a control circuit. The output circuit includes an inductor connected to the first and second output portions. The output current measurement circuit measures an output current. The control circuit, in response to an output of the output current measurement circuit, selects a combination of the first and second heavy-load electronic switches during a heavy load state, and selects a combination of the third and fourth light-load electronic switch during a light load state.