A multi-layered spacer of which a thermal expansion coefficient and a thermal conductivity are controllable and a double-sided cooling power module including the multi-layered spacer, is provided between a semiconductor chip and a substrate in a double-sided cooling power module. The multi-spacer includes first metal layers made of a first metal and provided as at least respective outermost layers, and a second metal layer made of a second metal having a thermal expansion coefficient lower than a thermal expansion coefficient of the first metal and disposed between the first metal layers provided as the outermost layers.