A power conversion device includes a power converter including a plurality of arms each having a plurality of converter cells cascaded to each other. A control device includes an AC current controller to control AC current flowing between the power converter and an AC circuit and a circulating current controller to control circulating current flowing between the arms of the power converter. The AC current controller reduces an effective value or amplitude value of AC current in a discharge operation mode in which a voltage of a power storage element of each converter cell is discharged, compared with in a normal operation mode. The circulating current controller increases an effective value or amplitude value of circulating current in the discharge operation mode, compared with in the normal operation mode.