The present invention realizes strengthening of a ground of a lower-surface ground electrode of an upper semiconductor chip and miniaturization in a semiconductor module on which two semiconductor chips are mounted in a stacked manner. A lower semiconductor chip is fixed to a bottom of a recess formed in an upper surface of a module board, and an upper semiconductor chip is fixed to an upper surface of a support body made of conductor which is formed over the upper surface of the module board around the recess. External electrode terminals and a heat radiation pad are formed over a lower surface of the module board.