There is provided a thermally conductive sheet containing: a binder component, a modified liquid polyolefin, and at least one thermally conductive filler selected from the group consisting of metal oxide and metal hydroxide. The thermally conductive sheet can have good moldability, and the surface of the sheet is inhibited from being contaminated by bleeding or the like. Further, the sheet can have good flexibility maintained for a long period of time and is inhibited from deteriorating or emitting an offensive odor due to decomposed matter of an organic phosphorous compound even when an organic phosphorous compound is contained.