An antenna module includes an antenna substrate including a core layer, insulating layers disposed on opposite surfaces of the core layer, and wiring layers including antenna patterns. The antenna substrate has first and second recess portions. The antenna module further includes a passive component disposed in the first recess portion, a semiconductor chip disposed in the second recess portion and having an active surface, an encapsulant encapsulating at least portions of the semiconductor chip and the passive component, and a connection portion disposed on the active surface of the semiconductor chip and including redistribution layers electrically connected to the semiconductor chip. The passive component has a thickness greater than that of the semiconductor chip, and the first recess portion has a depth greater than that of the second recess portion.