There is provided a DC-DC converter which converts an input voltage into an output voltage for supply to a load, in which an input terminal receives the input voltage, an output terminal outputs the output voltage, power stages each includes: a high side switch, a low side switch and an inductor, the control unit executes a first mode and a second mode wherein the first mode controls the high side switch and the low side switch in each of the power stages so that a ratio of an output current in each of the power stages to a load current flowing through the load becomes a set value and the second mode controls the high side switch and the low side switch in each of the power stages so that duty ratios of the high side switch and the low side switch are equalized among the power stages.