A semiconductor module may include a system board including a top surface and a bottom surface, a module substrate provided on the top surface of the system board, a system semiconductor package mounted on the module substrate, and first and second power management semiconductor packages mounted on the module substrate. The first and second power management semiconductor packages may be spaced apart from each other in a first direction, which is parallel to a top surface of the module substrate, with the system semiconductor package interposed therebetween.