A semiconductor module includes: a semiconductor device; a bonding layer that is arranged on the semiconductor device, and contains nickel or copper, an entire back surface of the bonding layer being electrically connected to and in direct contact with an electrode in the semiconductor device; an anti-oxidation layer disposed on the bonding layer; and a protective layer disposed directly on a top surface of a peripheral portion of the bonding layer on which the anti-oxidation layer is absent, covering an outer peripheral edge of the bonding layer, wherein the protective layer is made of an electrically insulating resin.