Provided is a power generation control device which is capable of improving fuel efficiency by producing electricity when power generating efficiency is the highest. In the power control device for the vehicle, the vehicle comprises a motor, a MG, a secondary battery for storing and supplying electricity to electric loads, and a control device for controlling the MG to perform the power generation at a certain current generator torque. The control device determines target power generation cost based on a depth of discharge of the battery, a vehicle speed and the current flowing through the electric loads, and controls the MG to perform the power generation under the condition that the power generation cost calculated on the basis of the fuel consumption of the motor and generated electricity of the MG are below the target current generation cost.