A hybrid vehicle comprising: an internal combustion engine and an electric motor generating vehicle driving force, a power storage device, a driving device driving said electric motor, a voltage conversion device provided between said driving device and said power storage device, and configured to boost an input voltage of said driving device to a level higher than a voltage of said power storage device, and a control device controlling said voltage conversion device, characterized by said control device calculating the input voltage based on drive required for said electric motor, wherein said electric motor is driven under rectangular wave voltage control of high modulation factor by lowering an upper limit setting of said input voltage in a first running mode, even at a point where sinusoidal wave PWM control is carried out in a second running mode, shifting said first running mode (EV running mode) running with said internal combustion engine stopped to said second running mode (HV running mode) using said internal combustion engine and said electric motor with said internal combustion engine operated when the revolution speed and/or torque of said electric motor is increased, controlling said voltage conversion device to lower a setting of an upper limit of said input voltage in the first running mode running with said internal combustion engine stopped, as compared to the setting of the upper limit for a second running mode (HV running mode) having an identical operating state of said electric motor generating vehicle driving force. an internal combustion engine and an electric motor generating vehicle driving force, a power storage device, a driving device driving said electric motor, a voltage conversion device provided between said driving device and said power storage device, and configured to boost an input voltage of said driving device to a level higher than a voltage of said power storage device, and a control device controlling said voltage conversion device, characterized by said control device calculating the input voltage based on drive required for said electric motor, wherein said electric motor is driven under rectangular wave voltage control of high modulation factor by lowering an upper limit setting of said input voltage in a first running mode, even at a point where sinusoidal wave PWM control is carried out in a second running mode, shifting said first running mode (EV running mode) running with said internal combustion engine stopped to said second running mode (HV running mode) using said internal combustion engine and said electric motor with said internal combustion engine operated when the revolution speed and/or torque of said electric motor is increased, controlling said voltage conversion device to lower a setting of an upper limit of said input voltage in the first running mode running with said internal combustion engine stopped, as compared to the setting of the upper limit for a second running mode (HV running mode) having an identical operating state of said electric motor generating vehicle driving force. calculating the input voltage based on drive required for said electric motor, wherein said electric motor is driven under rectangular wave voltage control of high modulation factor by lowering an upper limit setting of said input voltage in a first running mode, even at a point where sinusoidal wave PWM control is carried out in a second running mode, shifting said first running mode (EV running mode) running with said internal combustion engine stopped to said second running mode (HV running mode) using said internal combustion engine and said electric motor with said internal combustion engine operated when the revolution speed and/or torque of said electric motor is increased, controlling said voltage conversion device to lower a setting of an upper limit of said input voltage in the first running mode running with said internal combustion engine stopped, as compared to the setting of the upper limit for a second running mode (HV running mode) having an identical operating state of said electric motor generating vehicle driving force.