To achieve a simple configuration as well as stepless control of the output voltage, in a voltage controlled transformer.

The voltage controlled transformer includes: a transformer formed by winding an input winding AN1 and an output winding An1 around a closed magnetic circuit core A; a second transformer formed by winding an input winding BN1 and an output winding Bn1 around a closed magnetic circuit core B; and a control winding C wound across the closed magnetic circuit cores A and B, wherein, the input windings AN1 and BN1 are connected in series, one end of the connection is connected to one end of an AC power source AC, the other end of the connection is connected to the other end of the AC power source AC via a reactor, the control winding C is connected to a DC power source DC via a variable resistance R, the output windings An1 and Bn1 are connected in series, and a load Z is connected between both ends of the connection. The voltage of the AC power source AC is shared by the reactor and the input windings of the transformer, and as the amount of DC current flowing in the control winding C increases, the voltage shared by the input windings decreases, and the voltage between output terminals decreases.