A three-level power conversion apparatus comprising: first and second three-level converters (2A, 2B) connectable in parallel to an AC power supply system, each of which is arranged to output a three level direct current to a DC link; positive side and negative side DC capacitors connected to the DC link; at least one three-level inverter arranged to convert the three level direct current to an alternating current, configured to drive an AC motor; and a converter control means arranged to control the first and second three-level converters (2A, 2B); wherein the converter control means comprises: first and second reactive current control means (14A, 15A, 20; 14B, 15B, 20) arranged to control so that reactive portions of input currents of the first and second three-level converters become a prescribed reactive current reference, respectively; characterized in that the converter control means further comprises: first and second neutral point voltage fluctuation suppressing means arranged to control first and second PWM control means (17A, 17B), configured to obtain PWM gate signals, and perform ON/OFF control of switching devices of the three-level converters (2A, 2B) respectively, so as to make a difference between voltages applied to the positive side and negative side DC capacitors to be zero; and active current control means (12, 13, 14A, 14B, 15A, 15B) arranged to supply a prescribed circulating active current from the first three-level converter to the second three-level converter. first and second three-level converters (2A, 2B) connectable in parallel to an AC power supply system, each of which is arranged to output a three level direct current to a DC link; positive side and negative side DC capacitors connected to the DC link; at least one three-level inverter arranged to convert the three level direct current to an alternating current, configured to drive an AC motor; and a converter control means arranged to control the first and second three-level converters (2A, 2B); wherein the converter control means comprises: first and second reactive current control means (14A, 15A, 20; 14B, 15B, 20) arranged to control so that reactive portions of input currents of the first and second three-level converters become a prescribed reactive current reference, respectively; characterized in that the converter control means further comprises: first and second neutral point voltage fluctuation suppressing means arranged to control first and second PWM control means (17A, 17B), configured to obtain PWM gate signals, and perform ON/OFF control of switching devices of the three-level converters (2A, 2B) respectively, so as to make a difference between voltages applied to the positive side and negative side DC capacitors to be zero; and active current control means (12, 13, 14A, 14B, 15A, 15B) arranged to supply a prescribed circulating active current from the first three-level converter to the second three-level converter. first and second reactive current control means (14A, 15A, 20; 14B, 15B, 20) arranged to control so that reactive portions of input currents of the first and second three-level converters become a prescribed reactive current reference, respectively; characterized in that the converter control means further comprises: first and second neutral point voltage fluctuation suppressing means arranged to control first and second PWM control means (17A, 17B), configured to obtain PWM gate signals, and perform ON/OFF control of switching devices of the three-level converters (2A, 2B) respectively, so as to make a difference between voltages applied to the positive side and negative side DC capacitors to be zero; and active current control means (12, 13, 14A, 14B, 15A, 15B) arranged to supply a prescribed circulating active current from the first three-level converter to the second three-level converter. first and second neutral point voltage fluctuation suppressing means arranged to control first and second PWM control means (17A, 17B), configured to obtain PWM gate signals, and perform ON/OFF control of switching devices of the three-level converters (2A, 2B) respectively, so as to make a difference between voltages applied to the positive side and negative side DC capacitors to be zero; and active current control means (12, 13, 14A, 14B, 15A, 15B) arranged to supply a prescribed circulating active current from the first three-level converter to the second three-level converter.