A circuit board includes a metal circuit plate, a metallic heat diffusing plate disposed below the metal circuit plate and having an upper surface and a lower surface, a metallic heat dissipating plate below the heat diffusing plate, an insulating substrate disposed between the metal circuit plate and the heat diffusing plate, and an insulating substrate disposed between the heat diffusing plate and the heat dissipating plate. A grain diameter of metal grains contained in the heat diffusing plate decreases from each of the upper surface and the lower surface of the heat diffusing plate toward a center portion of the heat diffusing plate in a thickness direction.