A thermally conductive sheet contains a matrix resin and thermally conductive particles. The content of the thermally conductive particles is 200 parts by volume or more with respect to 100 parts by volume of the matrix resin component. A polymer viscosity of the matrix resin component after a crosslinking reaction in the absence of the thermally conductive particles is 500 Pa·s or less at 25° C. A thermal conductivity of the thermally conductive sheet is 2.0 W/m·K or more. When the thermally conductive sheet with an initial thickness of 1.5 mm is compressed at a compression rate of 5.0 mm/min to measure a 50% compressive load value, the maximum load value is 100 kPa or more and the load value after 1 minute is more than 0 kPa and 100 kPa or less. With this configuration, the thermally conductive sheet has a high thermal conductivity, a low steady load value, and flexibility.