A semiconductor module includes a device mounting board and a semiconductor device mounted on the device mounting board. The device mounting board includes an insulating resin layer, a wiring layer provided on one main surface of the insulating resin layer, and bump electrodes, electrically connected to the wiring layer, which are protruded from the wiring layer toward the insulating resin layer. The semiconductor device has device electrodes which are disposed counter to a semiconductor substrate and the bump electrodes, respectively. The surface of a metallic layer provided on the device electrode lies on the same plane as the surface of a protective layer.