Disclosed is a power conversion circuit that suppresses the flow of a through current to a switching element based on a normally-on transistor. The power conversion circuit includes a high-side transistor and a low-side transistor, which are series-coupled to each other to form a half-bridge circuit, and two drive circuits, which complementarily drive the gate of the high-side transistor and of the low-side transistor. The high-side transistor is a normally-off transistor. The low-side transistor is a normally-on transistor.