A semiconductor module includes an insulated circuit board having an insulating member, a conductive plate arranged on the insulating member, and a semiconductor chip mounted on the conductive plate, and an insert-molded external connection terminal that includes a plurality of terminals, respectively connected to the insulated circuit board, and including a first terminal, and a pre-molded resin member that includes a pre-molded terminal fitting portion and a pre-molded pin insertion portion. The terminal fitting portion is made of a first resin material and has a first groove into which the first terminal is fitted. The pin insertion portion is made of the first resin material and has a hole configured to receive a pin arranged in a cavity of a metal mold used for insert-molding of the external connection terminal.