A DC-DC converter has a configuration in which a first full-bridge circuit and a second full-bridge circuit are connected via a transformer and an inductor. A control circuit alternately turns on and off switching elements. At a dead timing when the switching elements are switched, an inductor current flowing through an equivalent inductor that is equivalent to the transformer and the inductor is larger than or equal to a threshold current. The threshold current is set so that the energy stored in the equivalent inductor becomes greater than or equal to the total energy stored in capacitors that are respectively connected in parallel with the switching elements.