An anisotropic conductive adhesive is provided that includes an epoxy resin, a phenoxy resin, a curing agent, an inorganic filler, and conducting particles as components. The phenoxy resin is controlled to have a glass-transition temperature (Tg) in a range of 66.degree. C. to 100.degree. C., so that the anisotropic conductive adhesive has an excellent fluidity in a mounting process, satisfactory electric conductive/insulation performances, and sufficient adhesiveness. Since the properties of the anisotropic conductive adhesive are almost invariant even if the adhesive is used for a long time under a high-temperature- and high-humidity condition, the anisotropic conductive adhesive can be used for applications where a high reliability is required.