An insulated circuit board having a ceramic substrate, a circuit layer on which a circuit pattern is formed and that is bonded to one surface of the ceramic substrate, and a metal layer bonded to the other surface of the ceramic substrate. The circuit layer has a first circuit layer that is bonded to the ceramic substrate and is made of aluminum and a second circuit layer that is bonded to the upper surface of the first circuit layer and is made of copper, the metal layer has a first metal layer that is bonded to the ceramic substrate and is made of aluminum and a second metal layer that is bonded to the upper surface of the first metal layer and is made of copper, and the thicknesses of the first circuit layer and the first metal layer are each 0.2 mm or more and 0.9 mm or less.