In a DC-DC converter, a smoothing capacitor is connected between DC terminals of the switching circuit, and a smoothing capacitor and a voltage clamp circuit are connected between DC terminals of a switching circuit, the voltage clamp circuit including the switching device and the clamp capacitor. The smoothing capacitors are connected to the DC power sources) in parallel, respectively. The winding of the switching circuit is magnetically coupled to the winding of the switching circuit by the transformer. The DC-DC converter performs a discharging operation for discharging the clamp capacitor between at least one of the step-down operation and a step-up operation and a step-up operation performed thereafter.