Abstract: A semiconductor module includes a base member; a circuit board provided on the base member and including a positive electrode pad, a negative electrode pad, and semiconductor devices; a housing formed in a frame shape and attached to the base member; a first electrode plate electrically coupled to the positive electrode pad and having a first flat plate portion; a second electrode plate electrically coupled to the negative electrode pad and having a second flat plate portion; and a first insulating member. The first flat plate portion and the second flat plate portion are disposed in parallel from the inside to outside of the housing. The first flat plate portion has a first external connection terminal situated outside the housing, and the second flat plate portion has a second external connection terminal situated outside the housing. The first insulating member is sandwiched between the first and the second external connection terminals.