Power conversion system configured to perform power conversion between direct current and three-phase alternating current

A power conversion system includes a converter circuit and a control circuit. The control circuit controls, through use of PWM signals, high potential-side switches for a U-phase circuit, a V-phase circuit, and a W-phase circuit, respectively. The control circuit alternately switches between a first modulation method and a second modulation method at each half carrier period of each of the PWM signals. In the first modulation method, the control circuit determines, as a first value, a duty ratio of the PWM signal for one of a U phase, a V phase, and a W phase that has a maximum phase voltage. In the second modulation method, the control circuit determines, as a second value, the duty ratio of the PWM signal for one of the U phase, the V phase, and the W phase that has a minimum phase voltage.