A semiconductor device capable of inhibiting a threshold voltage from increase also when employing a gate electrode consisting of a metal is provided. This semiconductor device comprises a pair of source/drain regions lifted up in an elevated structure, a gate insulator film, formed on a channel region, consisting of a high dielectric constant insulator film having a dielectric constant larger than 3.9 and a gate electrode including a first metal layer coming into contact with the gate insulator film and having a work function controlled to have a Fermi level around the energy level of a band gap end of silicon constituting the source/drain regions.