A power module includes a substrate, a first sub-module and a second sub-module. Each of the first sub-module and the second sub-module includes a semiconductor switch and a diode. The first sub-module is formed as the high-voltage-side switching element. The second sub-module is formed as the low-voltage-side switching element. The plural electrodes of the high-voltage-side switching element and the plural electrodes of the low-voltage-side switching element are electrically connected with the conducting terminals of the corresponding semiconductor switches and the corresponding diodes. The high-voltage-side switching element is disposed on the substrate and electrically connected with the corresponding conducting parts of the substrate. The low-voltage-side switching element is disposed on the high-voltage-side switching element and electrically connected with the corresponding conducting parts of the substrate through the high-voltage-side switching element.