An electronic device is provided. The electronic device includes a housing, an antenna module disposed along an inner wall of the housing, and a heat dissipation member disposed inside the housing. The antenna module may include a first circuit board including a plurality of layers, wherein the plurality of layers include a plurality of conductive layers and a plurality of non-conductive layers, and the conductive layer and the non-conductive layer are alternately stacked, at least one integrated circuit mounted on the first circuit board, an antenna array disposed on any one of the plurality of layers and electrically coupled with the at least one integrated circuit, and a heat transfer member including a conductive member extending from any one conductive layer among the plurality of conductive layers and a non-conductive member surrounding, at least in part, the conductive member.