Provided is a DC/DC converter capable of operating a circuit to perform stable control even when an output voltage becomes 0 V at the time of activation of a power supply voltage or due to a load short circuit. The DC/DC converter includes an ON-timer circuit including: a ripple generation circuit configured to generate and output a ripple component based on a control signal; an averaging circuit configured to output a signal obtained by averaging an output of the ripple generation circuit; a timer circuit configured to generate and output an ON-time signal based on the signal of the averaging circuit and the control signal; and an activation circuit configured to increase a voltage of an output terminal of the ripple generation circuit to a predetermined voltage.