An electric power conversion system includes: a first battery; a second battery; an electric power converter including a plurality of switching elements, and configured to bidirectionally step up or step down electric power between an output line and each the first and second batteries in accordance with PWM signals; and a controller configured to control first and second step-up and step-down circuits by generating first and second PWM signals. The first and second step-up and step-down circuits are established between each first and second batteries and the output line. The first and second PWM signals are signals for controlling step-up and step-down operation of each first and second step-up and step-down circuit. The controller is configured to, when coupling on-duty periods of both the first and second PWM signals with each other, execute an overlap phase shift that partially overlaps the on-duty periods of the first and second PWM signals.