In a DC/DC converter that performs zero-voltage switching, capacitors are connected respectively in parallel to first and second MOSFETs that are included in an inverter unit in the primary-side of a transformer, and an inductor is connected to an AC output line. In a range of a current being more than a predetermined value, a control circuit controls the inverter unit using a PWM control with a fixed dead time, and in a light load range where the current is equal to or less than the predetermined value, the control unit changes the control to a PFM control and decreases a frequency so that the dead time becomes longer as the current decreases, to thereby keep a duty ratio without change.