An electronic control unit of an electric power conversion system is configured to, when voltages of first and second batteries are stepped up in parallel and a temperature of a common switching element exceeds a threshold temperature, execute on time change control such that following conditions i) and ii) are satisfied: i) a trailing edge of one of the first and second PWM signals and a leading edge of the other one of the first and the second PWM signals connect with each other; and ii) the sum of the on time of the first and second PWM signals in a single PWM control period falls within a range from the single PWM control period to an allowable period. The electronic control unit is configured to change an on time of at least one of the first and second PWM signal in the on time change control.