A power conversion device includes a half bridge type inverter circuit that includes semiconductor elements, and a DC capacitor and that is connected to a positive side bus of the AC power supply, a smoothing capacitor, a semiconductor element that is connected between the semiconductor element and a positive side of the smoothing capacitor, and a semiconductor element that is connected between the semiconductor element and a negative side of the smoothing capacitor, in which turning-on and turning-off of the semiconductor element are controlled so that a DC voltage of the DC capacitor tracks a target voltage, and turning-on and turning-off of the semiconductor elements are controlled so that a DC voltage of the smoothing capacitor tracks a target voltage and thus an input power factor from the AC power supply is adjusted.