A thermoelectric conversion module including a honeycomb structural body 3 made of an electrically insulating material, N type and P type semiconductor elements 1 and 2 inserted into through holes formed in the honeycomb structural body 3, electrically insulating filler members 4 filled in spaces between the semiconductor elements and inner walls of the through holes such that the semiconductor elements are fixed in position within respective through holes, and electrodes 7 connecting end surfaces of the semiconductor elements on polished end surfaces of the honeycomb structural body such that N type and P type semiconductor elements are alternately connected in series. According to the invention, the electrically insulating filler members are made of an inorganic adhesive of alkali metal silicate or sol-gel glass. Since undesired heat dissipation and heat transfer through adjacent semiconductor elements can be prevented and undesired oxidation and dissipation of the semiconductor elements during a usage can be effectively removed, a high output power can be attained stably for a long life time when the thermoelectric conversion module according to the invention is used in an electric power generating system using an exhausted heat. The higher and lower temperature side surfaces of the module can be shaped into any desired configuration.