A thermally conductive adhesive having: a thermosetting adhesive containing a curable component and a curing agent for the curable component, and a metal filler dispersed in the thermosetting adhesive uses a silver powder and a solder powder as the metal filler. The solder powder to be used has a melting temperature lower than the thermal curing temperature of the thermally conductive adhesive and produces a high-melting-point solder alloy having a melting point higher than the melting temperature of the solder powder when the solder powder is reacted with the silver powder under thermal curing conditions of the thermally conductive adhesive. A curing agent having flux activity to the metal filler is used as the curing agent.