A semiconductor module includes a circuit substrate composed of a wiring pattern, an electrical insulating layer and a thermal radiation board, and in use is fixed to an external thermal radiation member, in which the electrical insulating layer is composed of a thermal conductive mixture containing 70-95 wt % of an inorganic filler and 5-30 wt % of a thermosetting resin. A warping degree of the circuit substrate with respect to the external thermal radiation member is at most 1/500 of a length of the substrate, and the circuit substrate warps to protrude toward the thermal radiation board as the temperature rises. Accordingly, the thermal radiation property does not deteriorate even when the temperature rises in use. At a time of fixing the circuit substrate to the external thermal radiation member, the thermal resistance is kept to be a sufficiently low level. The thermal resistance is kept in a low level without sacrificing the contact between a module and the external thermal radiation member even at a high temperature during an operation of the device or the like, and the thermal conductive substrate is resistant to fractures or cracks and thus is highly reliable.