A semiconductor module has a first substrate and a second substrate placed opposite to the first substrate. A first semiconductor element is provided such that the high-heat main face of the first semiconductor faces the second substrate and is thermally connected to the second substrate via a wiring layer. A second semiconductor element is provided such that the high-heat main face of the second semiconductor faces the first substrate and is thermally connected to the first substrate via another wiring layer. The emitter electrode of the first semiconductor element and the collector electrode of the second semiconductor element are electrically connected to each other via a heat spreader.