A power conversion device includes: a positive arm and a negative arm each of which is formed by connecting a plurality of converter cells in series, the converter cells each being composed of a plurality of semiconductor switching elements and a DC capacitor; and a control circuit. An arm balance control unit in the control circuit calculates a first voltage adjustment value for balancing voltage of the DC capacitors in the positive arm and voltage of the DC capacitors in the negative arm. The control circuit adjusts an AC control command using the first voltage adjustment value, thereby calculating an AC voltage command for AC voltage to be outputted to an AC line for each phase.