A semiconductor device includes a semiconductor chip, a terminal layer, an insulation layer with an opening, a protection layer with an opening, an inner conductive member, an outer conductive member, and a conductive bonding member. The insulation layer includes a first insulation layer, and a second insulation layer opposite to the functional surface of the chip with respect to the first insulation layer. The second insulation layer includes a shield portion overlapping with the terminal layer in plan view, and a retracted portion not overlapping with the terminal layer in plan view. A back surface of the retracted portion of the second insulation layer is more distant from the functional surface in a z-direction than is the main surface of the terminal layer that is opposite to the functional surface.