A power conversion device includes an MMC-type power conversion circuit and a central controller. The central controller limits an active power command value and a reactive power command value to a value corresponding to an active power limit value and a value corresponding to a reactive power limit value, respectively, and controls an operation of the power conversion circuit according to the limited active power command value and the limited reactive power command value. The central controller includes: an index value calculation unit configured to calculate an index value that shows an extent of a variation among voltages of energy storage devices included in a plurality of converter cells; and a limiter controller configured to change the active power limit value to a value smaller than the active power limit value when the index value exceeds a threshold value.