A semiconductor device is provided with a first insulated substrate including an insulator layer and a metal layer disposed on each of two faces of the insulator layer, a first semiconductor element disposed on the metal layer on one face of the first insulated substrate, a second insulated substrate including an insulator layer and a metal layer disposed on each of two faces of the insulator layer, a second semiconductor element disposed on one of the metal layers of the second insulated substrate, and an encapsulant encapsulating the first semiconductor element and the second semiconductor element. The metal layer on the other face of the first insulated substrate and the metal layer on the other face of the second insulated substrate are exposed on a first flat surface of the encapsulant.