A semiconductor module, including: a circuit board including a semiconductor element having an electrode on an upper surface thereof; a lead bonded to the electrode by a bonding material; and a sealing material that seals the semiconductor element and the lead. The lead includes: a bonding portion bonded to the electrode, the bonding portion having a lower surface facing the electrode, and an upper surface opposite to the lower surface, and a plurality of recesses formed on the upper surface of the bonding portion. In a plan view of the semiconductor module, the bonding portion has a plurality of sides, and each recess has a bottom surface of a planar shape, the planar shape having a side extending in a direction that is not orthogonal to any of the sides of the bonding portion. Each of the recesses a barbed portion protruding from a wall surface thereof.