A power module includes an IGBT; a MOSFET connected in parallel with the IGBT; a lead frame having a first frame portion on which the IGBT is mounted and a second frame portion on which the MOSFET is mounted, and having a step by which the first frame portion is located at a first height and the second frame portion is located at a second height larger than the first height; and an insulation sheet for a heat sink which is disposed on an underside of only the first frame portion of the lead frame.