To reduce substrate warp occurring after connection an anisotropic conductive film is used. An anisotropic conductive film has: a first insulating adhesive layer; a second insulating adhesive layer; and a conductive particle-containing layer sandwiched by the first insulating adhesive layer and the second insulating adhesive layer and having conductive particles contained in an insulating adhesive, wherein air bubbles are contained between the conductive particle-containing layer and the first insulating adhesive layer, and, the conductive particle-containing layer, a portion thereof below the conductive particles and in contact with the second insulating adhesive layer has a lower degree of cure than other portions thereof.