Disclosed is a conductive paste which is excellent in electrical conductivity, adhesion and bending resistance. This conductive paste exhibits excellent PTC characteristics even though it has low resistivity. Specifically disclosed is a conductive paste containing 40-200 parts by mass of a spherical carbon particle per 100 parts by mass of a resin containing a polyester resin and/or a polyurethane resin. This conductive paste is characterized in that the polyester resin and/or the polyurethane resin has a number average molecular weight of not less than 3000 and a glass transition temperature of from -40˚C to 30˚C. Also specifically disclosed are a printed circuit board and a planar heat generating body, each using such a conductive paste.
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