Disclosed are a power module and a manufacturing method therefor. The power module comprises: an insulating medium substrate (10), comprising a first conductive layer (12) and a first insulation layer (11) arranged on the first conductive layer (12), with the first insulation layer (11) being provided with a first conductive path (14); a second insulation layer (40), with the second insulation layer (40) being provided with a second conductive path (42); a graphical second conductive layer (50); and at least one power semiconductor chip (20) embedded between the first insulation layer (11) and the second insulation layer (40), wherein the power semiconductor chip (20) forms an electric connection with the first conductive layer (12) by means of the first conductive path (14), and forms an electric connection with the second conductive layer (50) by means of the second conductive path (42). Packaging is achieved without opening a packaging mould, thus saving on production costs. In addition, the power semiconductor chip (20) is provided with through holes in the insulation layer and is filled with a conductive material, so as to realize an electric connection with the conductive layer provided above, such that the volume of the module is reduced, in order to facilitate miniaturization of the module.