Abstract: There is provided a power conversion apparatus including a first power semiconductor module, a second power semiconductor module, a control circuit for driving the first power semiconductor module and the second power semiconductor module, and liquid-cooling type cooling jackets, wherein the second power semiconductor module is disposed closer to an upper surface in the gravity direction than the first power semiconductor module is, the cooling jackets include a refrigerant containing hydrogen molecules and a refrigerant flow path at least between the first power semiconductor module and the second power semiconductor module, and the control circuit performs control such that the operating time period of the second power semiconductor module is shorter than the operating time period of the first power semiconductor module.