The present invention realizes the miniaturization of a semiconductor module. The semiconductor module includes a module board having external electrode terminals and a heat radiation pad over a lower surface thereof, a first semiconductor chip incorporating an initial-stage transistor of a high frequency power amplifying device therein, a second semiconductor chip incorporating a next-stage transistor and a final-stage transistor therein, and an integrated passive device which constitutes a matching circuit. At least one of the first semiconductor chip and the second semiconductor chip and the integrated passive device are mounted over an upper surface of the module board in an overlapped manner.