It is an object of the present invention to provide a power module which can withstand a high voltage with a thin insulating layer. A power module of the present invention is provided with a first power semiconductor element 328 of an upper arm side constituting an inverter circuit, a second power semiconductor element 330 of a lower arm side, a first conductor part 320 which transmits an alternating current, a second conductor part 315 which transmits a direct current, an electrically-conductive heat dissipating part 307, a first intermediate conductor layer 910 disposed between the first conductor part 320 and the heat dissipating part 307 via an insulating layer 900, and a second intermediate conductor layer 911 disposed between the second conductor part 315 and the heat dissipating part 307 via the insulating layer 900, wherein, the second intermediate conductor layer 911 is formed to be separated from the first intermediate conductor layer 910, and the first intermediate conductor layer 910 forms a capacity circuit which shares the voltage between the first conductor part 320 and the heat dissipating part 307.