A power module (PM) includes: an insulating substrate; a semiconductor device disposed on the insulating substrate, the semiconductor device including electrodes on a front surface side and a back surface side thereof; and a graphite plate having an anisotropic thermal conductivity, the graphite plate of which one end is connected to the front surface side of the semiconductor device and the other end is connected to the insulating substrate, wherein heat of the front surface side of the semiconductor device is transferred to the insulating substrate through the graphite plate. There is provide an inexpensive power module capable of reducing a stress and capable of exhibiting cooling performance not inferior to that of the double-sided cooling structures.