The present invention aims to provide an adhesive composition which exhibits high adhesive property not only to the conventional polyimide and polyester film but also to a metal substrate, can achieve high solder heat resistance and exhibits excellent low-dielectric characteristics. According to the present invention, there is provided an adhesive composition containing an acid-modified polyolefin (a), an oligo-phenylene ether (b) having a number-average molecular weight of 3000 or less, and an epoxy resin (c), wherein the adhesive composition satisfies the following requirement(s) (A) and/or (B):



(A) The adhesive composition contains more than 20 parts by mass and 60 parts by mass or less of the epoxy resin (c) to 100 parts by mass of the acid-modified polyolefin (a);
(B) The adhesive composition further contains a polycarbodiimide (d).