A semiconductor module disclosed herein may include: a first semiconductor element; an encapsulant that encapsulates the first semiconductor element; and a first stacked substrate on which the first semiconductor element is disposed, wherein the first stacked substrate may include a first insulator substrate, a first inner conductive layer and a first outer conductive layer, the first inner conductive layer being disposed on one side relative to the first insulator substrate, and the first outer conductive layer being disposed on another side relative to the first insulator substrate; the first inner conductive layer may be electrically connected to the first semiconductor element inside the encapsulant; and a part of the first inner conductive layer may be located outside the encapsulant and be configured to enable an external member to be bonded to the part.