A heat dissipating sheet excelling in heat dissipating characteristic (thermal conductivity) in the thickness direction, adhesion to the part to be cooled, and electrical insulating quality. In a heat dissipating sheet (1) wherein a plurality of insulators (3) having high thermal conductivities are dispersed in a matrix-like insulator (2), each insulator (3) is oriented upright or inclinedly with respect to the thickness direction of the heat dissipating sheet (1) so that at least one edge of each insulator is exposed from the surface of the matrix-like insulator (2). Also, the ratio of the sum of all the cross-sectional areas of the insulators (3) to the area of the surface of the heat dissipating sheet (1) is preferably more than 1 %.