The present disclosure relates to a power module and a manufacturing method thereof. The power module includes: a group of switch elements, a molding part and a connector. The group of switch elements includes at least one pair of switch elements. The molding part molds the group of switch elements. The connector includes a signal terminal and a power terminal respectively electrically connected to the signal end and power end of the group of switch elements, and both fanned out from the molding part. The power terminal includes a positive power terminal, a negative power terminal and an output power terminal. The positive power terminal and the negative power terminal are respectively a first metal layer and a second metal layer which are at least partially stacked, and an insulating layer is disposed between the first metal layer and the second metal layer.