A power conversion device arranged to convert power between a DC circuit and an AC circuit, the power conversion device comprising: - a plurality of leg circuits (8a, 8b, 8c) which correspond to respective phases of the AC circuit and are connected in parallel between common first and second DC terminals, each leg circuit (8a, 8b, 8c) including: - a plurality of converter cells each including an energy storage and cascaded to one another; and - at least one inductance (7a, 7b) connected in series to the plurality of converter cells; and - a control device is configured to control operations of the plurality of converter cells, wherein each leg circuit (8a, 8b, 8c) is divided into a first arm and a second arm with a connection portion (Nu, Nv, Nw) electrically connected to a corresponding phase of the AC circuit being interposed; the first arm of each leg circuit includes: - a first inductance, characterized in that the first arm of each leg circuit further includes: - a plurality of first converter cells controlled not based on the circulating current; - a plurality of second converter cells controlled based on the circulating current (Icc); and - the second arm of each leg circuit (8a, 8b, 8c) includes a plurality of third converter cells controlled not based on the circulating current, wherein the control device generates a first voltage command value (Vpref) for controlling output voltages from the plurality of first converter cells for each leg circuit (8a, 8b, 8c) based on a DC current (Idc) and a DC voltage (Vdcp, Vdcn) from the DC circuit and an AC current (lac) and an AC voltage of each phase (Vacu, Vacv, Vacw) from the AC circuit; and the control device generates a second voltage command value (Vpref2) for controlling output voltages from the plurality of second converter cells by linearly combining a first value (Vccref) based on a difference between the circulating current (Icc) and a circulating current command value (Vpref) with the first voltage command value for each leg circuit. - a plurality of leg circuits (8a, 8b, 8c) which correspond to respective phases of the AC circuit and are connected in parallel between common first and second DC terminals, each leg circuit (8a, 8b, 8c) including: - a plurality of converter cells each including an energy storage and cascaded to one another; and - at least one inductance (7a, 7b) connected in series to the plurality of converter cells; and - a control device is configured to control operations of the plurality of converter cells, - a first inductance, characterized in that the first arm of each leg circuit further includes: - a plurality of first converter cells controlled not based on the circulating current; - a plurality of second converter cells controlled based on the circulating current (Icc); and - the second arm of each leg circuit (8a, 8b, 8c) includes a plurality of third converter cells controlled not based on the circulating current, wherein the control device generates a first voltage command value (Vpref) for controlling output voltages from the plurality of first converter cells for each leg circuit (8a, 8b, 8c) based on a DC current (Idc) and a DC voltage (Vdcp, Vdcn) from the DC circuit and an AC current (lac) and an AC voltage of each phase (Vacu, Vacv, Vacw) from the AC circuit; and