A multilevel power converting apparatus which is provided with two multilevel PWM-controlled power converters which convert Dc voltages into multilevel Ac voltages by PWM control. The DC positive sides of the converters are connected to each other, and the positive sides are connected to each other. The AC side of a first converter is connected to an AC power source of a fixed frequency, and the AC side of the second converter outputs a variable voltage of a variable frequency and the output terminals are connected to a load. The DC sides of the converters are connected to first and second DC stage circuits, each of which is composed of a plurality of filter capacitors connected in series. The intermediate voltage points of the first and second DC stage circuits are connected to each other, and the first converter controls the voltage at the intermediate voltage points.
