A semiconductor device includes: a semiconductor substrate; a semiconductor element formed on a principal surface of the semiconductor substrate and having a multiple-layered interconnect layer; and a heterostructure magnetic shield covering the semiconductor element. The heterostructure magnetic shield includes a first magnetic shield layered structure and a second magnetic shield layered structure that covers the first magnetic shield layered structure. Each of a first and a second magnetic shield layered structures includes a magnetic shielding film composed of a magnetic substance and covering the semiconductor element and a buffer film disposed between the semiconductor element and the magnetic shield films and preventing a diffusion of the magnetic substance.