The present disclosure provides a heat spreader and a power module. The heat spreader comprises: a base plate comprising a first surface and a second surface opposite to the first surface; an insulating frame fixedly connected to the first surface of the base plate; and an insulating material attached to at least a part of a surface of the insulating frame. The present disclosure can effectively satisfy design requirements for both heat dissipation and insulation, and significantly increase a layout space for a printed circuit board.