An electronic device is provided. The electronic device includes a housing, a display exposed through at least a portion of the housing, a battery disposed in the housing, an antenna module disposed in the housing and spaced apart from the battery, a first electronic component positioned between the antenna module and the battery, a first heat dissipation member disposed to partially overlap the first electronic component and to extend toward the antenna module, a frame disposed to partially overlap the first heat dissipation member, surround at least a part of the first electronic component, and form a part of an outer appearance of the electronic device, and a heat insulation member interposed between the frame and the first heat dissipation member.