There is provided a multi-layered thermally conductive sheet having superior thermal conductivity and flame retardancy as well as superior handleability and adhesion even without using any of a halogen-containing flame retardant, red phosphorous, and silicone resin. The sheet includes a first acrylic thermally conductive sheet layer, and a second acrylic thermally conductive sheet layer disposed on one or both surfaces of the first layer. The first layer has an Asker C hardness of 60 or more and is obtained by curing a composition containing a metal hydrate at a content of 10% by volume or more, and the second layer has an Asker C hardness of 50 or less and is obtained by curing a composition containing a metal hydrate at a content of 5% by volume or more. The first layer has half or less thickness with respect to thickness of the whole sheet.