A control device for a vehicle, wherein the vehicle includes: a fuel cell; a motor-generator coupled to the fuel cell as a driving source; a power unit which includes a battery configured to be charged with the generated power of the fuel cell and regenerative power of the motor-generator; and a transmission disposed on a power transmission path between the motor-generator and a driving wheel, wherein the control device for a vehicle comprises: a motor-generator control unit configured to perform a power control on the motor-generator based on a driver request torque; and a generated power control unit configured to control the generated power of the fuel cell based on a load of the fuel cell including the motor-generator, wherein: the motor-generator control unit performs a shifting power control during an upshift of the transmission, setting a target regenerative torque in an inertia phase in which a rotation speed of the motor-generator is decreased, the motor-generator control unit calculates a limit torque of the motor-generator during the shifting power control according to a surplus power, which is obtained by subtracting an acceptable power of the power unit per unit time from an actual generated power of the fuel cell per unit time, characterized in that: the motor-generator control unit performs a power control on the motor-generator at the time when the surplus power is calculated as a negative value, in which the target regenerative torque is limited by setting a motor torque of the motor-generator at the limit torque during an inertia phase in the upshift when the target regenerative torque is less than the limit torque. a fuel cell; a motor-generator coupled to the fuel cell as a driving source; a power unit which includes a battery configured to be charged with the generated power of the fuel cell and regenerative power of the motor-generator; and a transmission disposed on a power transmission path between the motor-generator and a driving wheel, wherein the control device for a vehicle comprises: a motor-generator control unit configured to perform a power control on the motor-generator based on a driver request torque; and a generated power control unit configured to control the generated power of the fuel cell based on a load of the fuel cell including the motor-generator, wherein: the motor-generator control unit performs a shifting power control during an upshift of the transmission, setting a target regenerative torque in an inertia phase in which a rotation speed of the motor-generator is decreased, the motor-generator control unit calculates a limit torque of the motor-generator during the shifting power control according to a surplus power, which is obtained by subtracting an acceptable power of the power unit per unit time from an actual generated power of the fuel cell per unit time, characterized in that: the motor-generator control unit performs a power control on the motor-generator at the time when the surplus power is calculated as a negative value, in which the target regenerative torque is limited by setting a motor torque of the motor-generator at the limit torque during an inertia phase in the upshift when the target regenerative torque is less than the limit torque. a motor-generator control unit configured to perform a power control on the motor-generator based on a driver request torque; and a generated power control unit configured to control the generated power of the fuel cell based on a load of the fuel cell including the motor-generator, wherein: the motor-generator control unit performs a shifting power control during an upshift of the transmission, setting a target regenerative torque in an inertia phase in which a rotation speed of the motor-generator is decreased, the motor-generator control unit calculates a limit torque of the motor-generator during the shifting power control according to a surplus power, which is obtained by subtracting an acceptable power of the power unit per unit time from an actual generated power of the fuel cell per unit time, the motor-generator control unit performs a shifting power control during an upshift of the transmission, setting a target regenerative torque in an inertia phase in which a rotation speed of the motor-generator is decreased, the motor-generator control unit calculates a limit torque of the motor-generator during the shifting power control according to a surplus power, which is obtained by subtracting an acceptable power of the power unit per unit time from an actual generated power of the fuel cell per unit time,