To provide a highly reliable capacitor module with a fuse which can prevent a ceramic capacitor from breaking and scattering due to heat generation in fuse meltdown at a low price.

The capacitor module with a fuse wherein a ceramic capacitor 1 and a fuse 2 are connected in series and constituted integrally on a first surface of a substrate 3 has a first conductor 4 formed in one end side of a second surface of the substrate 3, a second conductor 5 which is insulated from the first conductor 4 and formed in the second surface of the substrate 3, and a third conductor 6 which is insulated from the first conductor 4 and the second conductor 5 and formed in the other end side of the second surface of the substrate 3. One end of the fuse 2 is connected to the first conductor 4, the other end is connected to the second conductor 5, the first electrode of the ceramic capacitor 1 is connected to the second conductor 5, and a second electrode of the ceramic capacitor 1 is connected to the third conductor 6.