A multi-chip module (MCM) having semiconductor chips on a top surface of multi-layered interconnection circuits formed on a planar surface of a substrate including: (a) multi-layered interconnection circuits comprising alternatively laminated interconnection layers with insulating layers, and thermal contacts, each of the thermal contacts comprising successively laminated interconnection layers on a bottom and on side-walls of a vertical hole penetrating a plurality of the insulating layers, and a thermal conductor filling the vertical hole on the successively laminated interconnection layers, and (b) a plurality of the semiconductor chips attached to the thermal conductor. In a preferred embodiment, a V-shaped vertical hole is formed in the insulating layers of polyimide for a thermal contact, copper films are successively laminated thereon, unpatterned copper and gold films are deposited thereon, and the entire surface of the metal film including the hole is coated by a silver-powder containing epoxy film, to which semiconductor chips are adhered.