A high-frequency module includes a branching circuit element, a multilayer substrate, and a shield conductor. The branching circuit element includes transmission and receiving terminals and is disposed on a surface of the multilayer substrate. The shield conductor is disposed on the side of the surface of the multilayer substrate and covers the branching circuit element. The transmission and receiving terminals are disposed with respect to the shield conductor such that a signal in at least a portion of the frequency band of a first signal, which is transmitted from the transmission terminal, is cancelled by a second signal at the receiving terminal.