In a power conversion apparatus, an inverter converts a DC voltage supplied from a battery into an AC voltage, and a DC-to-DC converter steps up or down the DC voltage. A case has an input terminal to which a power line from the battery is connected so as to input the DC voltage to the inverter, and a converter input terminal to which a power line to the DC-to-DC converter is connected so as to input the DC voltage to the DC-to-DC converter. The case has a reference wall and an opposed wall opposed to each other. The inverter input terminal is disposed adjacent to the reference wall with respect to an imaginary plane that bisects the case between the reference wall and the opposed wall. The converter input terminal is disposed adjacent to the opposed wall with respect to the imaginary plane.