Apparatus and method for converting and distributing regenerative power

An apparatus for converting and distributing regenerative power includes: a controller configured to permit or restrict a V2L function depending on a state of charge (SOC) value of a battery, compare regenerative power generated from a motor according to regenerative braking with a preset electric load required power and/or a V2L required power, and control an operation of converting the regenerative power according to a comparison result and distribution of the converted regenerative power; an inverter configured to convert the regenerative power into at least one power of a first power for an electric load, a second power for a V2L terminal, and power of the battery; and a main distributor configured to distribute the first power to the electric load terminal when the V2L function is restricted.