A power semiconductor module having an increased reliability against thermal fatigue includes a power semiconductor element, a lower-side electrode connected to the lower side of the element, a first insulating substrate connected to the upper side of the lower-side electrode and having metallic foils bonded on both surfaces thereof, an upper-side electrode connected to the upper side of the power semiconductor element, a second insulating substrate connected to the upper side of the upper-side electrode and having metallic foils bonded on both surfaces thereof, a first heat spreader connected to the lower side of the first insulating substrate, and a second heat spreader connected to the upper side of the second insulating substrate. The power semiconductor element and the first and second insulating substrates are sealed with a resin.