Provided are a power module having a stacked flip-chip and a method of fabricating the power module. The power module includes a lead frame; a control device part including a control device chip; a power device part including a power device chip and being electrically connected to the lead frame; and an interconnecting substrate of which the control and power device parts are respectively disposed at upper and lower portions, and each of the control and power device chips may be attached to one of the lead frame and the interconnecting substrate using a flip-chip bonding method. The method includes forming bumps on power and control device chips on a wafer level; separately sawing the power and control device chips into individual chips; adhering the power device chip onto a thermal substrate and the control device chip onto an interconnecting substrate; combining a lead frame, the thermal substrate, and the interconnecting substrate with one another in a multi-jig; and sealing the power and control device chips, and the control and power device chips may be attached to one of the lead frame and the interconnecting substrate using a flip-chip bonding method.