A thermally conductive paste of the present invention includes a thermosetting resin and a thermally conductive filler, a ratio of a wet spreading area is 90% or more, and when an average particle size D50 of the thermally conductive filler is referred to as D, a viscosity of the thermally conductive paste excluding the thermally conductive filler at room temperature 25° C. is referred to as η, and a degree of sedimentation of the thermally conductive filler in the thermally conductive paste is referred to as S=D2/η, S is 8 [10−12·m3·s/kg] or more and 900 [10−12·m3·s/kg] or less.