A connecting material that includes metallic particles with an oxygen state ratio of less than 15% as measured by X-ray photoelectron spectroscopy and a mean particle size between 0.1 μm and 50 μm; and especially a connecting material that includes metallic particles that have been subjected to treatment for removal of a surface oxide film and subjected to surface treatment with a surface protective material, so as to provide a connecting material having a high coefficient of thermal conductivity even when joined at a curing temperature of up to 200° C. without application of a load, and that has sufficient bonding strength even when the cured product has been heated at 260° C.; as well as a semiconductor device employing the connecting material to bond a semiconductor element to a support member.