In a step-up/step-down DC-DC converter, an error signal commensurate with a difference between a voltage commensurate with the output voltage and a predetermined reference voltage and a triangular wave signal are compared by a first comparator, whose output is used to turn on and off a step-up switching circuit. An inverted signal obtained by inverting the error signal and the triangular wave signal are compared by a second comparator, whose output is used to turn on and off a step-down switching circuit. The median level between the outputs of the first and second comparators is set to be lower than the maximum level of the triangular wave signal and higher than the minimum level thereof. Thus, when step-up and step-down modes are switched from one to the other, an overlap period is produced during which the step-up and step-down modes overlap. This makes possible smooth switching between the step-up and step-down modes.