According to one embodiment, a DC-DC converter, includes: an inductor configured to be supplied with an input voltage; a plurality of rectifiers connected in parallel to the inductor; a plurality of p-MOS transistors connected in series to the respective rectifiers; a switch configured to connect an output side of the inductor to a reference potential; and a control circuit configured to control the p-MOS transistors and the switch. The control circuit performs control to supply a voltage to turn on a first p-MOS transistor selected from among the p-MOS transistors to a gate terminal of the first p-MOS transistor, and to supply a voltage depending on an output voltage of the first p-MOS transistor to a gate terminal of a second p-MOS transistor other than the first p-MOS transistor among the p-MOS transistors.