A semiconductor module includes: a substrate having an insulating layer and a connecting portion connecting front and rear surfaces of the insulating layer; a first pattern on a front surface of the substrate; a second pattern on a rear surface of the substrate; a first semiconductor device disposed adjacent to the front surface of the substrate and including a first switching device having a lateral structure; a second semiconductor device disposed adjacent to the rear surface of the substrate and including a second switching device having the lateral structure; and a capacitor. A path formed by the first pattern and the first semiconductor device and a path formed by the second pattern and the second semiconductor device are opposed to each other across the substrate, and in the paths, currents flow in directions opposite to each other.