A terminal module includes a number of conductive terminals. The conductive terminals include a first signal terminal and a second signal terminal. A contact portion of the first signal terminal includes a first contact arm, a second contact arm and a first clamping space. The first contact arm includes a first contact end portion and a first contact arm body portion connected with the first contact end portion. The first contact arm body portion includes a first end connected to the first contact end portion and a second end opposite to the first end. From the first end to the second end, a width of the first contact arm body portion gradually increases. As a result, it is beneficial to improve the contact impedance when it is mated with a mating backplane connector. The present disclosure also discloses a backplane connector having the terminal module.