A semiconductor module having a first metal wiring board, a second metal wiring board, a third metal wiring board, and a first semiconductor element and a second semiconductor element that each include an emitter electrode and a collector electrode. The second metal wiring board is disposed over a principal surface of the first metal wiring board with an insulation material therebetween. The third metal wiring board has a principal surface thereof facing the first metal wiring board. The first and second semiconductor elements are disposed to face directions opposite to each other. The collector electrodes of the first and second semiconductor elements respectively face the principal surfaces of the first and third metal wiring boards. The emitter electrodes of the first and second semiconductor elements are respectively connected to the principal surfaces of the third and second metal wiring boards.