Provided are a power module including a power package and a control package that are provided separately and can be highly integrated, and method of fabricating the power module. The power module includes: a molded power package including at least one power device on a first lead frame; and a molded control package vertically stacked on the power package, and including at least one control device on a second lead frame. A first part of the first lead frame and a first part of the second lead frame are coupled to each other so that the power package and the control package can be electrically coupled to each other.