A power conversion method including: receiving, by a pair of input terminals, an input voltage in which is a single-phase AC voltage; designating a first target voltage ref1, a second target voltage ref2, and a third target voltage ref3 respectively representing consecutive target values of first-phase, second-phase, and third-phase output voltages forming a three-phase AC voltage; and cyclically connecting and disconnecting (i) the input terminals and first output terminals at a duty cycle corresponding to |ref1/in| when an instantaneous value of |in| is greater than an instantaneous value of |ref1|, (ii) the input terminals and second output terminals at a duty cycle corresponding to |ref2/in| when the instantaneous value of |in| is greater than an instantaneous value of |ref2|, and (iii) the input terminals and third output terminals at a duty cycle corresponding to |ref3/in| when the instantaneous value of |in| is greater than an instantaneous value of |ref3|.